Republic of Korea: Iron Ore Market 2021

Iron Ore Market Size in Republic of Korea

In 2019, the South Korean iron ore market increased by X% to $X, rising for the third consecutive year after two years of decline. Overall, consumption, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2011 with an increase of X% y-o-y. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.

Iron Ore Production in Republic of Korea

In value terms, iron ore production dropped to $X in 2019 estimated in export prices. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 with an increase of X% y-o-y. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2019, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from Republic of Korea

In 2019, the amount of iron ores exported from South Korea was estimated at X tons, increasing by X% against the previous year's figure. Overall, exports recorded a notable expansion. The growth pace was the most rapid in 2009 with an increase of X% year-to-year. Exports peaked at X tons in 2012; however, from 2013 to 2019, exports stood at a somewhat lower figure.

In value terms, iron ore exports stood at $X in 2019. Over the period under review, exports saw a measured increase. The most prominent rate of growth was recorded in 2012 when exports increased by X% year-to-year. As a result, exports attained the peak of $X. From 2013 to 2019, the growth exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from South Korea, accounting for a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold.

From 2007 to 2019, the average annual growth rate of volume to China stood at +X%.

In value terms, China ($X) remains the key foreign market for iron ore exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by Malaysia ($X), with a X% share of total exports.

From 2007 to 2019, the average annual rate of growth in terms of value to China stood at +X%.

Export Prices by Country

In 2019, the average iron ore export price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of X% y-o-y. The export price peaked at $X per ton in 2008; however, from 2009 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Malaysia ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia.

Iron Ore Imports

Imports into Republic of Korea

Iron ore imports into South Korea contracted to X tons in 2019, remaining relatively unchanged against 2018. Overall, total imports indicated a temperate expansion from 2007 to 2019: its volume increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, imports increased by +X% against 2017 indices. The growth pace was the most rapid in 2010 with an increase of X% y-o-y. Imports peaked at X tons in 2014; however, from 2015 to 2019, imports stood at a somewhat lower figure.

In value terms, iron ore imports expanded significantly to $X in 2019. In general, imports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2011 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2019, imports remained at a lower figure.

Imports by Country

In 2019, Australia (X tons) constituted the largest supplier of iron ore to South Korea, accounting for a X% share of total imports. Moreover, iron ore imports from Australia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fivefold. South Africa (X tons) ranked third in terms of total imports with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume from Australia amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-X% per year) and South Africa (+X% per year).

In value terms, Australia ($X) constituted the largest supplier of iron ore to South Korea, comprising X% of total imports. The second position in the ranking was occupied by Brazil ($X), with a X% share of total imports. It was followed by South Africa, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value from Australia totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+X% per year) and South Africa (+X% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, rising by X% against the previous year. In general, the import price enjoyed a tangible expansion. The pace of growth was the most pronounced in 2011 an increase of X% y-o-y. The import price peaked at $X per ton in 2012; however, from 2013 to 2019, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2019, the countries with the highest prices were South Africa ($X per ton) and India ($X per ton), while the price for Australia ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by India, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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