Republic of Korea: Mercury Market 2024

Mercury Market Size in Republic of Korea

In 2021, the South Korean mercury market was finally on the rise to reach $X after two years of decline. Overall, consumption continues to indicate a slight decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Mercury Production in Republic of Korea

In value terms, mercury production rose slightly to $X in 2021 estimated in export price. Overall, production recorded a slight curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 20% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Mercury Exports

Exports from Republic of Korea

In 2021, overseas shipments of mercuries decreased by 0% to X kg for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports recorded a sharp descent. The growth pace was the most rapid in 2015 with an increase of 2,683%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, mercury exports fell dramatically to $X in 2021. In general, exports recorded a dramatic decline. The growth pace was the most rapid in 2015 when exports increased by 2,582% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X kg) was the main destination for mercury exports from South Korea, with a 75% share of total exports. Moreover, mercury exports to Japan exceeded the volume sent to the second major destination, China (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to -11.1%.

In value terms, Japan ($X) remains the key foreign market for mercuries exports from South Korea, comprising 96% of total exports. The second position in the ranking was taken by China ($X), with a 4.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to -18.3%.

Export Prices by Country

The average mercury export price stood at $X per ton in 2021, with a decrease of -20.5% against the previous year. Overall, the export price recorded a abrupt descent. The pace of growth was the most pronounced in 2016 when the average export price increased by 315%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-7.8%), while the prices for the other major destinations experienced a decline.

Mercury Imports

Imports into Republic of Korea

In 2021, overseas purchases of mercuries decreased by -1% to X kg, falling for the seventh consecutive year after three years of growth. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2013 when imports increased by 42%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, mercury imports reduced to $X in 2021. Overall, imports showed a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 83% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Singapore (X kg), Spain (X kg) and the Netherlands (X kg) were the main suppliers of mercury imports to South Korea, together accounting for 93% of total imports. China and Japan lagged somewhat behind, together comprising a further 6.9%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +44.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest mercury suppliers to South Korea were Spain ($X), the Netherlands ($X) and Singapore ($X), together comprising 96% of total imports. These countries were followed by China, Japan and Switzerland, which together accounted for a further 2.8%.

Among the main suppliers, China, with a CAGR of +37.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average mercury import price amounted to $X per ton, declining by -4.5% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mercury import price decreased by -8.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 39%. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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 the Netherlands ($X per ton), while the price for Singapore ($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 (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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