Republic of Korea: Magnesite Market 2024

Magnesite Market Size in Republic of Korea

For the third consecutive year, the South Korean magnesite market recorded growth in sales value, which increased by 8.7% to $X in 2021. Over the period under review, consumption posted a significant expansion. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Magnesite Production in Republic of Korea

In value terms, magnesite production rose slightly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 23% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Magnesite Exports

Exports from Republic of Korea

In 2021, overseas shipments of magnesite increased by 254% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 465%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, magnesite exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a pronounced slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and the United Arab Emirates (X tons) were the main destinations of magnesite exports from South Korea, together comprising 71% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +21.6%), while the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X) remains the key foreign market for magnesite exports from South Korea, comprising 78% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.6% share of total exports. It was followed by Indonesia, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+26.5% per year) and Indonesia (-4.6% per year).

Export Prices by Country

In 2021, the average magnesite export price amounted to $X per ton, increasing by 122% against the previous year. Over the period under review, the export price continues to indicate modest growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Indonesia ($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 China (+23.2%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesite Imports

Imports into Republic of Korea

Magnesite imports into South Korea expanded markedly to X tons in 2021, increasing by 12% on 2020 figures. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,373%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, magnesite imports expanded sharply to $X in 2021. Overall, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 849% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main magnesite supplier to South Korea, with a 93% share of total imports. Moreover, magnesite imports from China exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +73.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+68.0% per year) and the Netherlands (+19.0% per year).

In value terms, China ($X) constituted the largest supplier of magnesite to South Korea, comprising 77% of total imports. The second position in the ranking was taken by Greece ($X), with a 7.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +77.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+73.0% per year) and the Netherlands (+23.6% per year).

Import Prices by Country

The average magnesite import price stood at $X per ton in 2021, flattening at the previous year. In general, the import price, however, continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2016 an increase of 145% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :