Republic of Korea: Expanded Metal Market 2025

Expanded Metal Market Size in Republic of Korea

In 2022, the South Korean expanded metal market decreased by -0.2% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Expanded metal consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Expanded Metal Production in Republic of Korea

In value terms, expanded metal production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Expanded Metal Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was decline in shipments abroad of iron or steel expanded metal, when their volume decreased by -0.7% to X tons. Over the period under review, exports saw a perceptible contraction. The pace of growth was the most pronounced in 2017 when exports increased by 19%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, expanded metal exports reduced to $X in 2022. Overall, exports recorded a perceptible decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 40%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Panama (X tons) were the main destinations of expanded metal exports from South Korea, with a combined 90% share of total exports. Japan, El Salvador and the Dominican Republic lagged somewhat behind, together comprising a further 7.4%.

From 2012 to 2022, the biggest increases were recorded for El Salvador (with a CAGR of +8.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the United Arab Emirates ($X) and Panama ($X) constituted the largest markets for expanded metal exported from South Korea worldwide, together comprising 84% of total exports. Japan, El Salvador and the Dominican Republic lagged somewhat behind, together comprising a further 9%.

El Salvador, with a CAGR of +6.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average expanded metal export price amounted to $X per ton, waning by -12.7% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 35%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Dominican Republic ($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 Panama (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Expanded Metal Imports

Imports into Republic of Korea

In 2022, overseas purchases of iron or steel expanded metal increased by 134% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports posted a prominent increase. The growth pace was the most rapid in 2018 when imports increased by 170%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, expanded metal imports skyrocketed to $X in 2022. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2015 when imports increased by 166% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of expanded metal to South Korea, with a 90% share of total imports. Moreover, expanded metal imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Belgium (X tons) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+51.2% per year) and Belgium (-14.6% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel expanded metal to South Korea, comprising 74% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Belgium, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.5% per year) and Belgium (-19.4% per year).

Import Prices by Country

In 2022, the average expanded metal import price amounted to $X per ton, dropping by -44.4% against the previous year. Over the period under review, the import price, however, continues to indicate a measured increase. The pace of growth appeared the most rapid in 2020 an increase of 78% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then dropped remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+29.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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