Republic of Korea: Market for Hot-Rolled Bars Of Silico-Manganese Steel 2025

Market Size for Hot-Rolled Bars Of Silico-Manganese Steel in Republic of Korea

The South Korean hot-rolled silico-manganese steel bar market dropped dramatically to $X in 2021, which is down by -17.3% against the previous year. In general, consumption recorded a perceptible setback. The pace of growth was the most pronounced in 2020 with an increase of 2.8% against the previous year. Hot-rolled silico-manganese steel bar consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Bars Of Silico-Manganese Steel in Republic of Korea

In value terms, hot-rolled silico-manganese steel bar production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Exports of Hot-Rolled Bars Of Silico-Manganese Steel

Exports from Republic of Korea

Hot-rolled silico-manganese steel bar exports from South Korea rose markedly to X tons in 2021, with an increase of 15% on the previous year. Overall, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 138% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, hot-rolled silico-manganese steel bar exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 113%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Venezuela (X tons) was the main destination for hot-rolled silico-manganese steel bar exports from South Korea, with a 45% share of total exports. Moreover, hot-rolled silico-manganese steel bar exports to Venezuela exceeded the volume sent to the second major destination, Germany (X tons), sixfold. The third position in this ranking was taken by China (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Venezuela totaled +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+0.5% per year) and China (+17.7% per year).

In value terms, Venezuela ($X) remains the key foreign market for hot-rolled bars of silico-manganese steel exports from South Korea, comprising 46% of total exports. The second position in the ranking was held by Germany ($X), with an 8.6% share of total exports. It was followed by China, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Venezuela stood at +28.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.3% per year) and China (+9.1% per year).

Export Prices by Country

The average hot-rolled silico-manganese steel bar export price stood at $X per ton in 2021, rising by 2.9% against the previous year. Overall, the export price, however, showed a perceptible slump. The growth pace was the most rapid in 2017 when the average export price increased by 3%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Bars Of Silico-Manganese Steel

Imports into Republic of Korea

For the third consecutive year, South Korea recorded decline in purchases abroad of hot-rolled bars of silico-manganese steel, which decreased by -2.1% to X tons in 2021. Over the period under review, imports saw a sharp slump. The pace of growth appeared the most rapid in 2016 when imports increased by 338% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled silico-manganese steel bar imports soared to $X in 2021. In general, imports showed a precipitous decline. The growth pace was the most rapid in 2016 with an increase of 333% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Sweden (X tons) constituted the largest supplier of hot-rolled silico-manganese steel bar to South Korea, accounting for a 60% share of total imports. Moreover, hot-rolled silico-manganese steel bar imports from Sweden exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by Italy (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-41.7% per year) and Italy (-27.2% per year).

In value terms, Sweden ($X) constituted the largest supplier of hot-rolled bars of silico-manganese steel to South Korea, comprising 63% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-34.8% per year) and China (-39.9% per year).

Import Prices by Country

The average hot-rolled silico-manganese steel bar import price stood at $X per ton in 2021, picking up by 19% against the previous year. In general, the import price recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 50%. The import price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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