Republic of Korea: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2025

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in Republic of Korea

In 2022, the South Korean market for hot-rolled wire rod in coil of stainless steel increased by 5% to $X, rising for the second year in a row after five years of decline. In general, consumption, however, recorded a prominent expansion. Hot-rolled wire stainless steel rod consumption peaked in 2022 and is likely to see steady growth in the near future.

Production of Hot-Rolled Wire Rod In Coil Of Stainless Steel in Republic of Korea

In value terms, hot-rolled wire stainless steel rod production shrank notably to $X in 2022 estimated in export price. Overall, production recorded a precipitous setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 11% against the previous year. Hot-rolled wire stainless steel rod production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports from Republic of Korea

In 2022, the amount of hot-rolled wire rod in coil of stainless steel exported from South Korea shrank rapidly to X tons, which is down by -32.6% against the previous year. In general, exports continue to indicate a noticeable slump. The pace of growth was the most pronounced in 2016 with an increase of 88%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled wire stainless steel rod exports shrank to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 57% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), China (X tons) and the Czech Republic (X tons) were the main destinations of hot-rolled wire stainless steel rod exports from South Korea, together comprising 48% of total exports. Vietnam, Thailand, Taiwan (Chinese), Italy, India and Malaysia lagged somewhat behind, together comprising a further 47%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +71.4%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the Czech Republic ($X) and China ($X) appeared to be the largest markets for hot-rolled wire stainless steel rod exported from South Korea worldwide, with a combined 49% share of total exports. Vietnam, Italy, Thailand, India, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 45%.

India, with a CAGR of +75.2%, recorded the highest growth rate of 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 wire rod in coil of stainless steel stood at $X per ton in 2022, surging by 31% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled wire stainless steel rod export price increased by +68.1% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+25.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports into Republic of Korea

In 2022, supplies from abroad of hot-rolled wire rod in coil of stainless steel decreased by -25.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 33% against the previous year. As a result, imports attained the peak of X tons, and then reduced notably in the following year.

In value terms, hot-rolled wire stainless steel rod imports amounted to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 33%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of hot-rolled wire stainless steel rod imports to South Korea, together accounting for 95% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +4.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), Japan ($X) and China ($X) appeared to be the largest hot-rolled wire stainless steel rod suppliers to South Korea, with a combined 91% share of total imports.

Taiwan (Chinese), with a CAGR of +2.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for hot-rolled wire rod in coil of stainless steel amounted to $X per ton, increasing by 36% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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