Price for Iron and Non-Alloy Steel in Ingot in South Korea - 2022
Contents:
- Price for Iron and Non-Alloy Steel in Ingot in South Korea (FOB) - 2022
- Price for Iron and Non-Alloy Steel in Ingot in South Korea (CIF) - 2022
- Exports of Iron and Non-Alloy Steel in Ingot in South Korea
- Imports of Iron and Non-Alloy Steel in Ingot in South Korea
Price for Iron and Non-Alloy Steel in Ingot in South Korea (FOB) - 2022
The average export price for iron and non-alloy steel in ingots stood at $736 per ton in December 2022, surging by 84% against the previous month. Overall, the export price saw a strong expansion. The pace of growth was the most pronounced in March 2022 an increase of 204% against the previous month. As a result, the export price reached the peak level of $1,358 per ton. From April 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 Japan ($881 per ton), while the average price for exports to Malaysia ($338 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 China (+6.7%), while the prices for the other major destinations experienced mixed trend patterns.
Price for Iron and Non-Alloy Steel in Ingot in South Korea (CIF) - 2022
In 2022, the average import price for iron and non-alloy steel in ingots amounted to $550 per ton, declining by -53.2% against the previous year. In general, the import price recorded a noticeable descent. The pace of growth appeared the most rapid in 2020 an increase of 70%. As a result, import price reached the peak level of $1,433 per ton. From 2021 to 2022, the average import prices remained at a lower figure.
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 the United States ($10,999 per ton), while the price for China ($1,035 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Iron and Non-Alloy Steel in Ingot in South Korea
In 2022, shipments abroad of iron and non-alloy steel in ingots decreased by -1.7% to 5.1K tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 199% against the previous year. As a result, the exports reached the peak of 5.2K tons, and then dropped slightly in the following year.
In value terms, exports of iron and non-alloy steel in ingots skyrocketed to $6M in 2022. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 177%. Over the period under review, the exports of hit record highs in 2022 and are likely to see steady growth in the immediate term.
| Export of Iron and Non-Alloy Steel in Ingot in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | N/A | 401 | 1,326 | 2,960 | 171.7% |
| Japan | 600 | 585 | 912 | 2,461 | 60.1% |
| Malaysia | N/A | 10.2 | 139 | 305 | 446.8% |
| Thailand | N/A | N/A | N/A | 72.2 | 0% |
| Others | 129 | 44.0 | 499 | 232 | 21.6% |
| Total | 729 | 1,040 | 2,877 | 6,031 | 102.2% |
Top Export Markets for Iron and Non-Alloy Steel in Ingot from South Korea in 2022:
- China (4.5K tons)
- Japan (2.1K tons)
- Malaysia (1.1K tons)
- Thailand (0.1K tons)
Imports of Iron and Non-Alloy Steel in Ingot in South Korea
In 2022, the amount of iron and non-alloy steel in ingots imported into South Korea reduced dramatically to 285 tons, declining by -20% against the year before. Over the period under review, imports faced a sharp slump. The pace of growth appeared the most rapid in 2021 when imports increased by 64% against the previous year.
In value terms, imports of iron and non-alloy steel in ingots dropped significantly to $157K in 2022. Overall, imports saw a sharp contraction. The most prominent rate of growth was recorded in 2021 with an increase of 34%.
| Import of Iron and Non-Alloy Steel in Ingot in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 354 | 105 | 236 | 68.2 | -42.2% |
| Japan | 335 | 139 | 22.3 | 59.1 | -43.9% |
| United States | 111 | 37.1 | 56.9 | 20.9 | -42.7% |
| Malaysia | 129 | 28.4 | 90.3 | N/A | -16.3% |
| Iran | 75.3 | N/A | N/A | N/A | 0% |
| Canada | 84.6 | N/A | N/A | N/A | 0% |
| Others | 2.3 | 3.3 | 14.2 | 9.0 | 57.6% |
| Total | 1,091 | 312 | 420 | 157 | -47.6% |
Top Suppliers of Iron and Non-Alloy Steel in Ingot to South Korea in 2022:
- China (65.8 tons)
- Japan (20.3 tons)
- United States (1.9 tons)
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