Republic of Korea: Market for Zinc Ores And Concentrates 2024

Market Size for Zinc Ores And Concentrates in Republic of Korea

In 2021, the South Korean zinc ores and concentrates market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Zinc ores and concentrates consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Zinc Ores And Concentrates

Exports from Republic of Korea

In 2021, exports of zinc ores and concentrates from South Korea amounted to X tons, approximately reflecting the year before. Over the period under review, exports, however, saw a abrupt descent. The growth pace was the most rapid in 2018 with an increase of 301% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, zinc ores and concentrates exports surged to $X in 2021. In general, exports recorded a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 326%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

Australia (X tons) was the main destination for zinc ores and concentrates exports from South Korea, with a 84% share of total exports. Moreover, zinc ores and concentrates exports to Australia exceeded the volume sent to the second major destination, Japan (X tons), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+62.1% per year) and China (-49.3% per year).

In value terms, Australia ($X) remains the key foreign market for zinc ores and concentrates exports from South Korea, comprising 84% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Australia amounted to +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+81.4% per year) and China (-46.5% per year).

Export Prices by Country

The average zinc ores and concentrates export price stood at $X per ton in 2021, jumping by 73% against the previous year. In general, the export price saw significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per ton), while the average price for exports to China ($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 Singapore (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Zinc Ores And Concentrates

Imports into Republic of Korea

In 2021, overseas purchases of zinc ores and concentrates decreased by -6.6% to X tons, falling for the third year in a row after five years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 9.5% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, zinc ores and concentrates imports surged to $X in 2021. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 53%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Australia (X tons), Peru (X tons) and Mexico (X tons) were the main suppliers of zinc ores and concentrates imports to South Korea, with a combined 66% share of total imports. The United States, Bolivia, Eritrea, South Africa, Canada and Chile lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2021, the biggest increases were in Eritrea (with a CAGR of +58.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Peru ($X) and Mexico ($X) constituted the largest zinc ores and concentrates suppliers to South Korea, with a combined 66% share of total imports. The United States, Bolivia, Eritrea, Canada, South Africa and Chile lagged somewhat behind, together comprising a further 30%.

Among the main suppliers, Eritrea, with a CAGR of +72.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average zinc ores and concentrates import price stood at $X per ton in 2021, picking up by 62% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Eritrea (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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