Republic of Korea: Metal Link Chain Market 2024

Metal Link Chain Market Size in Republic of Korea

The South Korean metal link chain market fell remarkably to $X in 2021, shrinking by -36.4% against the previous year. In general, consumption showed a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Metal Link Chain Production in Republic of Korea

In value terms, metal link chain production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt descent. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Metal Link Chain Exports

Exports from Republic of Korea

In 2021, overseas shipments of iron or steel articulated link chain were finally on the rise to reach X tons after three years of decline. Overall, exports enjoyed a temperate expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal link chain exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for metal link chain exports from South Korea, accounting for a 69% share of total exports. Moreover, metal link chain exports to Russia exceeded the volume sent to the second major destination, China (X tons), more than tenfold. The third position in this ranking was taken by Italy (X tons), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-19.2% per year) and Italy (+36.3% per year).

In value terms, Russia ($X) emerged as the key foreign market for iron or steel articulated link chain exports from South Korea, comprising 51% of total exports. The second position in the ranking was taken by China ($X), with a 6% share of total exports. It was followed by the United States, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Russia stood at +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-21.8% per year) and the United States (-0.3% per year).

Export Prices by Country

In 2021, the average metal link chain export price amounted to $X per ton, declining by -33.1% against the previous year. Over the period under review, the export price saw a pronounced setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020, and then reduced remarkably in the following year.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Russia ($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 Mexico (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Link Chain Imports

Imports into Republic of Korea

In 2021, purchases abroad of iron or steel articulated link chain was finally on the rise to reach X tons after three years of decline. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2014 when imports increased by 58%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, metal link chain imports soared to $X in 2021. Over the period under review, imports saw prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of metal link chain to South Korea, with a 44% share of total imports. Moreover, metal link chain imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.3% per year) and Germany (+19.0% per year).

In value terms, Germany ($X) constituted the largest supplier of iron or steel articulated link chain to South Korea, comprising 55% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +31.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+28.3% per year) and the United States (+2.1% per year).

Import Prices by Country

The average metal link chain import price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average import price increased by 29% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+24.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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