Republic of Korea: Sulphur Market 2024

Sulphur Market Size in Republic of Korea

The South Korean sulphur market rose to $X in 2021, increasing by 1.5% against the previous year. Overall, consumption, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 8%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Sulphur Production in Republic of Korea

In value terms, sulphur production reached $X in 2021 estimated in export price. In general, production, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2016 with an increase of 9.1% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Sulphur Exports

Exports from Republic of Korea

For the eighth consecutive year, South Korea recorded growth in shipments abroad of sulphur (sublimed or precipitated) and colloidal sulphur, which increased by 12% to X tons in 2021. Over the period under review, exports continue to indicate a notable increase. The most prominent rate of growth was recorded in 2015 when exports increased by 32%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, sulphur exports expanded rapidly to $X in 2021. Overall, exports recorded a pronounced increase. The pace of growth was the most pronounced in 2014 when exports increased by 15%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for sulphur exports from South Korea, with a 81% share of total exports. Moreover, sulphur exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. The third position in this ranking was held by Malaysia (X tons), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+27.0% per year) and Malaysia (+23.9% per year).

In value terms, China ($X) remains the key foreign market for sulphur (sublimed or precipitated) and colloidal sulphur exports from South Korea, comprising 59% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by South Africa, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+29.1% per year) and South Africa (+66.5% per year).

Export Prices by Country

In 2021, the average sulphur export price amounted to $X per ton, with an increase of 2.5% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 6.3% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

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 Japan ($X per ton), while the average price for exports to Malaysia ($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 Japan (+1.6%), while the prices for the other major destinations experienced a decline.

Sulphur Imports

Imports into Republic of Korea

In 2021, supplies from abroad of sulphur (sublimed or precipitated) and colloidal sulphur decreased by -15.9% to X tons, falling for the second year in a row after three years of growth. Overall, imports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 227%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, sulphur imports contracted to $X in 2021. Over the period under review, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of 189%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Spain (X tons) was the main sulphur supplier to South Korea, accounting for a 93% share of total imports. It was followed by Japan (X tons), with a 2.7% share of total imports. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume from Spain stood at +88.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+10.8% per year) and Taiwan (Chinese) (-31.9% per year).

In value terms, Spain ($X) constituted the largest supplier of sulphur (sublimed or precipitated) and colloidal sulphur to South Korea, comprising 75% of total imports. The second position in the ranking was held by Japan ($X), with a 9.9% share of total imports. It was followed by China, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +52.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.4% per year) and China (+1.8% per year).

Import Prices by Country

In 2021, the average sulphur import price amounted to $X per ton, rising by 5.6% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sulphur import price decreased by -30.1% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 25%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average 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 Japan ($X per ton), while the price for Taiwan (Chinese) ($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) (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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