Republic of Korea: Market for Wire Rod Of Free-Cutting Steel 2025

Market Size for Wire Rod Of Free-Cutting Steel in Republic of Korea

The South Korean free-cutting steel wire rod market dropped slightly to $X in 2022, waning by X% 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). In general, consumption, however, enjoyed a significant increase. Free-cutting steel wire rod consumption peaked at $X in 2021, and then shrank slightly in the following year.

Exports of Wire Rod Of Free-Cutting Steel

Exports from Republic of Korea

After six years of growth, shipments abroad of wire rod of free-cutting steel decreased by X% to X tons in 2022. In general, exports saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, free-cutting steel wire rod exports contracted sharply to $X in 2022. Over the period under review, exports faced a significant decrease. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for free-cutting steel wire rod exports from South Korea, accounting for a X% share of total exports. Moreover, free-cutting steel wire rod exports to China exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Thailand (X.9% per year).

In value terms, the largest markets for free-cutting steel wire rod exported from South Korea were China ($X), Saudi Arabia ($X) and Thailand ($X), together comprising X% of total exports.

Among the main countries of destination, Thailand, with a CAGR of X.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average free-cutting steel wire rod export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wire Rod Of Free-Cutting Steel

Imports into Republic of Korea

In 2022, free-cutting steel wire rod imports into South Korea contracted markedly to X tons, with a decrease of X% against 2021 figures. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, free-cutting steel wire rod imports fell to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

In 2022, Japan (X tons) was the main free-cutting steel wire rod supplier to South Korea, accounting for a X% share of total imports. It was followed by the Netherlands (X tons), with a X% share of total imports. The third position in this ranking was taken by Germany (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Germany (X% per year).

In value terms, Japan ($X) constituted the largest supplier of wire rod of free-cutting steel to South Korea, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average free-cutting steel wire rod import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, free-cutting steel wire rod import price increased by X% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and the UK ($X per ton), while the price for Japan ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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