Price for Steel, Alloy; Ingots and Other Primary Forms in South Korea - 2022
Contents:
- Price for Steel, Alloy; Ingots and Other Primary Forms in South Korea (FOB) - 2022
- Price for Steel, Alloy; Ingots and Other Primary Forms in South Korea (CIF) - 2022
- Exports of Steel, Alloy; Ingots and Other Primary Forms in South Korea
- Imports of Steel, Alloy; Ingots and Other Primary Forms in South Korea
Price for Steel, Alloy; Ingots and Other Primary Forms in South Korea (FOB) - 2022
The average export price for steel, alloy; ingots and other primary formses stood at $1,360 per ton in 2022, declining by -6.4% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 51%. As a result, the export price reached the peak level of $2,380 per ton. From 2015 to 2022, the average 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 China ($2,147 per ton), while the average price for exports to Taiwan (Chinese) ($962 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 India (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.
Price for Steel, Alloy; Ingots and Other Primary Forms in South Korea (CIF) - 2022
The average import price for steel, alloy; ingots and other primary formses stood at $2,904 per ton in 2022, with an increase of 9.1% against the previous year. In general, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for steel, alloy; ingots and other primary formses increased by +23.8% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 54% against the previous year. As a result, import price attained the peak level of $3,341 per ton. From 2018 to 2022, the average import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($8,367 per ton), while the price for China ($1,136 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Steel, Alloy; Ingots and Other Primary Forms in South Korea
For the third consecutive year, South Korea recorded decline in shipments abroad of steel, alloy; ingots and other primary formses, which decreased by -4.8% to 662 tons in 2022. Over the period under review, exports saw a sharp shrinkage.
In value terms, exports of steel, alloy; ingots and other primary formses shrank to $901K in 2022. In general, exports saw a sharp shrinkage.
| Export of Steel, Alloy; Ingots and Other Primary Forms in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 485 | 849 | 601 | 461 | -1.7% |
| Japan | 439 | 438 | 255 | 238 | -18.5% |
| China | 777 | 225 | 92.2 | 96.2 | -50.2% |
| Taiwan (Chinese) | 502 | 663 | 63.5 | 61.7 | -50.3% |
| Germany | 1,199 | N/A | N/A | N/A | 0% |
| India | 2,415 | 661 | N/A | N/A | -72.6% |
| Singapore | 638 | 33.0 | N/A | N/A | -94.8% |
| Others | 12.6 | N/A | 0.1 | 43.9 | 51.6% |
| Total | 6,466 | 2,870 | 1,011 | 901 | -48.2% |
Top Export Markets for Steel, Alloy; Ingots and Other Primary Forms from South Korea in 2022:
- Vietnam (335.5 tons)
- Japan (210.0 tons)
- Taiwan (Chinese) (64.2 tons)
- China (44.8 tons)
Imports of Steel, Alloy; Ingots and Other Primary Forms in South Korea
In 2022, imports of steel, alloy; ingots and other primary formses into South Korea fell rapidly to 250 tons, declining by -65.6% against the previous year. In general, imports showed a sharp reduction. The growth pace was the most rapid in 2021 when imports increased by 40%.
In value terms, imports of steel, alloy; ingots and other primary formses contracted rapidly to $725K in 2022. Over the period under review, imports recorded a dramatic slump. The most prominent rate of growth was recorded in 2021 with an increase of 53% against the previous year.
| Import of Steel, Alloy; Ingots and Other Primary Forms in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 1,271 | 631 | 911 | 613 | -21.6% |
| China | 340 | 95.8 | 164 | 71.4 | -40.6% |
| Spain | N/A | N/A | 299 | 34.9 | -88.3% |
| Japan | 869 | 287 | 538 | 5.1 | -82.0% |
| Vietnam | 888 | 18.4 | N/A | N/A | -97.9% |
| India | N/A | 45.6 | N/A | N/A | 0% |
| Others | N/A | 186 | 21.4 | 0.3 | -96.0% |
| Total | 3,368 | 1,264 | 1,934 | 725 | -40.1% |
Top Suppliers of Steel, Alloy; Ingots and Other Primary Forms to South Korea in 2022:
- Germany (162.6 tons)
- China (62.8 tons)
- Spain (23.6 tons)
- Japan (0.6 tons)
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