Republic of Korea: Magnesium Market 2024

Magnesium Market Size in Republic of Korea

The South Korean magnesium market soared to $X in 2021, increasing by 60% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Magnesium Exports

Exports from Republic of Korea

In 2021, after two years of growth, there was significant decline in overseas shipments of magnesium, when their volume decreased by -21.6% to X tons. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 262%. The exports peaked at X tons in 2020, and then declined remarkably in the following year.

In value terms, magnesium exports surged to $X in 2021. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 188%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for magnesium exports from South Korea, accounting for a 63% share of total exports. Moreover, magnesium exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), sixfold. The third position in this ranking was held by Brazil (X tons), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +106.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+84.4% per year) and Brazil (+133.5% per year).

In value terms, the United States ($X) remains the key foreign market for magnesium exports from South Korea, comprising 68% of total exports. The second position in the ranking was taken by Japan ($X), with a 9% share of total exports. It was followed by Vietnam, with an 8% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +124.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+66.4% per year) and Vietnam (+142.4% per year).

Export Prices by Country

The average magnesium export price stood at $X per ton in 2021, picking up by 62% against the previous year. Overall, the export price, however, showed a slight curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Brazil ($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 the United States (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into Republic of Korea

In 2021, supplies from abroad of magnesium increased by 6.7% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 20%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, magnesium imports surged to $X in 2021. In general, total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main supplier of magnesium to South Korea, with a 99% share of total imports. It was followed by Taiwan (Chinese) (X tons), with a 0.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +2.4%.

In value terms, China ($X) constituted the largest supplier of magnesium to South Korea, comprising 99% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 0.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.4%.

Import Prices by Country

The average magnesium import price stood at $X per ton in 2021, increasing by 94% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 China ($X per ton), while the price for Taiwan (Chinese) stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.9%).

Source: IndexBox Platform

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