Republic of Korea: Market for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel 2025

Market Size for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in Republic of Korea

The South Korean market for ribbed or other deformed wire rod of non-alloy steel declined modestly to $X in 2021, dropping by -3.4% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in Republic of Korea

In value terms, deformed non-alloy steel wire rod production shrank to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 27% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Exports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Exports from Republic of Korea

Deformed non-alloy steel wire rod exports from South Korea reduced to X tons in 2021, waning by -4.8% on the previous year's figure. Over the period under review, exports showed a deep downturn. The pace of growth was the most pronounced in 2020 when exports increased by 319% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, deformed non-alloy steel wire rod exports contracted slightly to $X in 2021. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 172% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Australia (X tons) was the main destination for deformed non-alloy steel wire rod exports from South Korea, with a 46% share of total exports. Moreover, deformed non-alloy steel wire rod exports to Australia exceeded the volume sent to the second major destination, Japan (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Australia stood at +1,751.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.8% per year) and Hong Kong SAR (+23.0% per year).

In value terms, Australia ($X), Japan ($X) and Hong Kong SAR ($X) constituted the largest markets for deformed non-alloy steel wire rod exported from South Korea worldwide, with a combined 79% share of total exports.

Australia, with a CAGR of +1,519.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, picking up by 3.4% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 40%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United States ($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 Vietnam (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Imports into Republic of Korea

Deformed non-alloy steel wire rod imports into South Korea skyrocketed to X tons in 2021, rising by 31% compared with 2020. Over the period under review, imports, however, faced a abrupt shrinkage. The growth pace was the most rapid in 2016 with an increase of 480%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, deformed non-alloy steel wire rod imports skyrocketed to $X in 2021. In general, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 412%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of deformed non-alloy steel wire rod to South Korea, accounting for a 68% share of total imports. Moreover, deformed non-alloy steel wire rod imports from Vietnam exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.2% per year) and China (-38.6% per year).

In value terms, Vietnam ($X), Taiwan (Chinese) ($X) and China ($X) constituted the largest deformed non-alloy steel wire rod suppliers to South Korea, with a combined 98% share of total imports.

Vietnam, with a CAGR of +6.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, rising by 15% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 41%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :