Republic of Korea: Market for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) 2022

Market Size for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Republic of Korea

In 2020, the South Korean iron and steel wire market increased by X% to $X, rising for the fourth year in a row after two years of decline. The market value increased at an average annual rate of +X% from 2007 to 2020; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2008 with an increase of X% year-to-year. Iron and steel wire consumption peaked at $X in 2011; afterwards, it flattened through to 2020.

Production of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Republic of Korea

In value terms, iron and steel wire production reduced to $X in 2020 estimated in export prices. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Iron and steel wire production peaked at $X in 2011; however, from 2012 to 2020, production remained at a lower figure.

Exports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Exports from Republic of Korea

In 2020, overseas shipments of wire of iron or non-alloy steel (stainless steel or other alloy steel) decreased by -X% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when exports increased by X% y-o-y. Exports peaked at X tons in 2018; however, from 2019 to 2020, exports failed to regain the momentum.

In value terms, iron and steel wire exports declined sharply to $X in 2020. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010 with an increase of X% y-o-y. Exports peaked at $X in 2011; however, from 2012 to 2020, exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for iron and steel wire exports from South Korea, with a X% share of total exports. Moreover, iron and steel wire exports to Japan exceeded the volume sent to the second major destination, China (X tons), twofold. The U.S. (X tons) ranked third in terms of total exports with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Japan amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+X% per year) and the U.S. (-X% per year).

In value terms, Japan ($X), China ($X) and the U.S. ($X) constituted the largest markets for iron and steel wire exported from South Korea worldwide, with a combined X% share of total exports. Germany, Vietnam, India, Mexico, Canada, Taiwan (Chinese), Thailand, Turkey, Brazil and Indonesia lagged somewhat behind, together comprising a further X saw the highest rates of growth with regard to the value of exports, in terms of 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 iron and steel wire export price stood at $X per ton in 2020, stabilizing at the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 when the average export price increased by X% against the previous year. Over the period under review, average export prices reached the peak figure at $X per ton in 2011; however, from 2012 to 2020, export prices failed to regain the momentum.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Germany ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Thailand, while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Imports into Republic of Korea

In 2020, overseas purchases of wire of iron or non-alloy steel (stainless steel or other alloy steel) increased by X% to X tons for the first time since 2015, thus ending a four-year declining trend. In general, total imports indicated moderate growth from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2008 with an increase of X% y-o-y. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2020, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports reduced to $X in 2020. Over the period under review, total imports indicated a notable expansion from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2018 indices. The growth pace was the most rapid in 2010 when imports increased by X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2020, imports failed to regain the momentum.

Imports by Country

In 2020, China (X tons) constituted the largest supplier of iron and steel wire to South Korea, with a X% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), sevenfold. The third position in this ranking was occupied by Japan (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from China stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+X% per year) and Japan (-X% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel wire to South Korea, comprising X% of total imports. The second position in the ranking was occupied by Japan ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2007 to 2020, the average annual growth rate of value from China stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+X% per year) and Vietnam (+X% per year).

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2020, waning by -X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2010 an increase of X% y-o-y. The import price peaked at $X per ton in 2011; however, from 2012 to 2020, import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Japan, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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