Republic of Korea - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights
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View PricingPrice for Hot-Rolled Steel Bar and Rod in South Korea - 2022
Contents:
- Price for Hot-Rolled Steel Bar and Rod in South Korea (CIF) - 2022
- Price for Hot-Rolled Steel Bar and Rod in South Korea (FOB) - 2022
- Imports of Hot-Rolled Steel Bar and Rod in South Korea
- Exports of Hot-Rolled Steel Bar and Rod in South Korea
Price for Hot-Rolled Steel Bar and Rod in South Korea (CIF) - 2022
In 2022, the average import price for hot-rolled steel bars and rods amounted to $780 per ton, shrinking by -10% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 37% against the previous year. As a result, import price reached the peak level of $867 per ton, and then dropped in the following year.
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 Taiwan (Chinese) ($1,053 per ton), while the price for Malaysia ($682 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.3%), while the prices for the other major suppliers experienced a decline.
Price for Hot-Rolled Steel Bar and Rod in South Korea (FOB) - 2022
The average export price for hot-rolled steel bars and rods stood at $1,097 per ton in December 2022, shrinking by -9.9% against the previous month. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in September 2022 an increase of 19% m-o-m. As a result, the export price reached the peak level of $1,347 per ton. From October 2022 to December 2022, the the average export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was the United States ($1,495 per ton), while the average price for exports to Brazil ($837 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Hot-Rolled Steel Bar and Rod in South Korea
In 2022, the amount of hot-rolled steel bars and rods imported into South Korea plummeted to 2.2M tons, with a decrease of -20.2% on the year before. In general, imports continue to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 68%. As a result, imports reached the peak of 2.7M tons, and then fell remarkably in the following year.
In value terms, hot-rolled steel bar and rod imports fell rapidly to $1.7B in 2022. Overall, imports, however, enjoyed a noticeable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 130% against the previous year. As a result, imports reached the peak of $2.3B, and then contracted significantly in the following year.
| Import of Hot-Rolled Steel Bar and Rod in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 950 | 604 | 1,207 | 914 | -1.3% |
| Japan | 391 | 274 | 594 | 440 | 4.0% |
| Taiwan (Chinese) | 115 | 76.4 | 224 | 164 | 12.6% |
| Malaysia | 2.9 | 15.3 | 69.4 | 57.5 | 170.7% |
| Vietnam | 2.0 | 0.2 | 54.2 | 43.7 | 179.6% |
| Others | 71.7 | 51.4 | 198 | 64.9 | -3.3% |
| Total | 1,533 | 1,021 | 2,346 | 1,684 | 3.2% |
Top Suppliers of Hot-Rolled Steel Bar and Rod to South Korea in 2022:
- China (1258.7K tons)
- Japan (565.1K tons)
- Taiwan (Chinese) (155.4K tons)
- Malaysia (84.2K tons)
- Vietnam (58.9K tons)
Exports of Hot-Rolled Steel Bar and Rod in South Korea
In 2022, hot-rolled steel bar and rod exports from South Korea contracted slightly to 1.6M tons, approximately equating 2021. In general, exports showed a pronounced reduction. The growth pace was the most rapid in 2021 with an increase of 0.7%.
In value terms, hot-rolled steel bar and rod exports reduced to $1.3B in 2022. Overall, exports continue to indicate a slight decrease. The pace of growth was the most pronounced in 2021 with an increase of 42%. As a result, the exports reached the peak of $1.5B, and then fell in the following year.
| Export of Hot-Rolled Steel Bar and Rod in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Taiwan (Chinese) | 112 | 129 | 188 | 158 | 12.2% |
| Vietnam | 176 | 111 | 185 | 156 | -3.9% |
| Thailand | 133 | 123 | 170 | 142 | 2.2% |
| China | 135 | 140 | 165 | 137 | 0.5% |
| Japan | 150 | 135 | 153 | 131 | -4.4% |
| Malaysia | 108 | 70.2 | 95.3 | 83.8 | -8.1% |
| United States | 58.8 | 34.7 | 91.6 | 76.1 | 9.0% |
| Indonesia | 58.3 | 39.2 | 75.5 | 61.6 | 1.9% |
| India | 109 | 48.0 | 51.6 | 56.0 | -19.9% |
| Belgium | 41.2 | 24.8 | 55.4 | 46.7 | 4.3% |
| Mexico | 53.3 | 22.1 | 42.5 | 36.3 | -12.0% |
| Turkey | 23.6 | 19.8 | 35.9 | 33.3 | 12.2% |
| Brazil | 28.8 | 17.0 | 32.1 | 25.0 | -4.6% |
| Others | 156 | 147 | 160 | 139 | -3.8% |
| Total | 1,341 | 1,060 | 1,502 | 1,281 | -1.5% |
Top Export Markets for Hot-Rolled Steel Bar and Rod from South Korea in 2022:
- Vietnam (188.2K tons)
- Taiwan (Chinese) (184.7K tons)
- Thailand (181.4K tons)
- Japan (159.7K tons)
- China (150.4K tons)
- Malaysia (128.5K tons)
- United States (89.5K tons)
- Indonesia (73.8K tons)
- India (70.1K tons)
- Belgium (55.7K tons)
- Mexico (44.5K tons)
- Turkey (42.5K tons)
- Brazil (32.8K tons)
This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24106110 - Ribbed or other deformed wire rod (of non-alloy steel)
- Prodcom 24106120 - Wire rod of free-cutting steel
- Prodcom 24106130 - Wire rod used for concrete reinforcing (mesh/cold ribbed bars)
- Prodcom 24106140 - Wire rod for tyre cord
- Prodcom 24106190 - Other wire rod (of non-alloy steel)
- Prodcom 24106210 - Hot-rolled concrete reinforcing bars
- Prodcom 24106230 - Hot-rolled bars in free-cutting steels
- Prodcom 24106250 - Forged bars of steel and hot-rolled bars (excluding hollow drill bars and rods) of non-alloy steel (of other than of free-cutting steel)
- Prodcom 24106300 - Hot-rolled wire rod in coil, of stainless steel
- Prodcom 24106410 - Hot-rolled round bars, of stainless steel
- Prodcom 24106430 - Bars and rods of stainless steel, only hot-rolled, only hotdrawn or only extruded (excluding of circular cross-section)
- Prodcom 24106510 - Bars and rods of high-speed steel, hot-rolled, in irregularly wound coils
- Prodcom 24106530 - Bars and rods of silico-manganese steel, hot-rolled, in irregularly wound coils
- Prodcom 24106550 - Hot-rolled wire rod, of bearing steel
- Prodcom 24106570 - Bars and rods of alloy steel other than stainless, hot-rolled, in irregularly wound coils (excluding products of bearing steel, h igh-speed steel or silico-manganese steel)
- Prodcom 24106630 - Hot-rolled bars in bearing steels
- Prodcom 24106640 - Hot-rolled bars in tool steels
- Prodcom 24106650 - Hot-rolled bars (excluding hollow drill bars and rods) of alloy steel (other than of stainless, tool, silico-manganese, bearing and high speed steel)
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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