Price for Iron Ore and Concentrate, Non-Agglomerated in South Korea - 2022

Price for Iron Ore and Concentrate, Non-Agglomerated in South Korea (CIF) - 2022

In December 2022, the average import price for iron ores and concentrates, non-agglomerated amounted to $107 per ton, shrinking by -6.1% against the previous month. In general, the import price continues to indicate a pronounced contraction. The pace of growth appeared the most rapid in April 2022 an increase of 7.7% m-o-m. The import price peaked at $146 per ton in December 2021; however, from January 2022 to December 2022, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was South Africa ($171 per ton), while the price for Australia ($100 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by South Africa (+1.0%), while the prices for the other major suppliers experienced a decline.

Price for Iron Ore and Concentrate, Non-Agglomerated in South Korea (FOB) - 2022

In 2022, the average export price for iron ores and concentrates, non-agglomerated amounted to $44 per ton, dropping by -23% against the previous year. In general, the export price recorded a slight slump. The growth pace was the most rapid in 2013 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices attained the peak figure at $85 per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($44 per ton), while the average price for exports to Japan amounted to $43 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-0.7%).

Imports of Iron Ore and Concentrate, Non-Agglomerated in South Korea

In 2022, approx. 68M tons of iron ores and concentrates, non-agglomerated were imported into South Korea; increasing by 1.6% against 2021 figures. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 2.7%. As a result, imports reached the peak of 69M tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, iron ore and concentrate, non-agglomerated imports dropped to $7.9B in 2022. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +15.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35%. As a result, imports attained the peak of $9B, and then declined in the following year.

Import of Iron Ore and Concentrate, Non-Agglomerated in South Korea (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Australia	3.7	5.0	6.7	6.3	19.4%
Canada	0.3	0.3	0.5	0.8	38.7%
Brazil	0.7	0.8	1.0	0.6	-5.0%
South Africa	0.5	0.5	0.7	0.1	-41.5%
Others	N/A	N/A	N/A	0.1	0%
Total	5.2	6.7	9.0	7.9	15.0%

Top Suppliers of Iron Ore and Concentrate, Non-Agglomerated to South Korea in 2022:

Australia (55.0M tons)
Brazil (6.0M tons)
Canada (5.4M tons)
South Africa (0.8M tons)

Exports of Iron Ore and Concentrate, Non-Agglomerated in South Korea

In 2022, approx. 433K tons of iron ores and concentrates, non-agglomerated were exported from South Korea; jumping by 43% on the year before. Over the period under review, exports recorded significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 3,119% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, iron ore and concentrate, non-agglomerated exports rose markedly to $19M in 2022. In general, exports posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 2,763%. As a result, the exports attained the peak of $21M. From 2021 to 2022, the growth of the exports remained at a lower figure.