Republic of Korea: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Republic of Korea

The South Korean market for hot-rolled non-alloy steel wire rods surged to $X in 2021, with an increase of 42% against the previous year. Over the period under review, consumption enjoyed temperate growth. Hot-rolled non-alloy steel wire rod consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Republic of Korea

In value terms, hot-rolled non-alloy steel wire rod production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production recorded a measured increase. The growth pace was the most rapid in 2018 when the production volume increased by 94%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Republic of Korea

In 2021, overseas shipments of hot-rolled non-alloy steel wire rods decreased by -11.2% to X tons, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 24%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons), Malaysia (X tons) and Japan (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from South Korea, together accounting for 52% of total exports. These countries were followed by the United States, Taiwan (Chinese), Thailand, Indonesia and China, which together accounted for a further 36%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +18.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled non-alloy steel wire rod exported from South Korea were Vietnam ($X), Malaysia ($X) and Japan ($X), with a combined 51% share of total exports. The United States, Taiwan (Chinese), Thailand, Indonesia and China lagged somewhat behind, together accounting for a further 37%.

Indonesia, with a CAGR of +18.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, surging by 46% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and Vietnam ($X per ton), while the average price for exports to Malaysia ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Republic of Korea

In 2021, overseas purchases of hot-rolled non-alloy steel wire rods were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports recorded a tangible expansion. The growth pace was the most rapid in 2017 when imports increased by 100% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2021. In general, imports recorded perceptible growth. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and India (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to South Korea, with a combined 75% share of total imports. Malaysia, Vietnam, Indonesia and Brazil lagged somewhat behind, together comprising a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +410.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and India ($X) constituted the largest hot-rolled non-alloy steel wire rod suppliers to South Korea, with a combined 75% share of total imports. These countries were followed by Malaysia, Vietnam, Indonesia and Brazil, which together accounted for a further 23%.

Indonesia, with a CAGR of +247.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, rising by 37% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were India ($X per ton) and Japan ($X per ton), while the price for Brazil ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform