Price for Stainless Steel in Ingots or Other Primary Forms in South Korea - 2022
Contents:
- Price for Stainless Steel in Ingots or Other Primary Forms in South Korea (FOB) - 2022
- Price for Stainless Steel in Ingots or Other Primary Forms in South Korea (CIF) - 2022
- Exports of Stainless Steel in Ingots or Other Primary Forms in South Korea
- Imports of Stainless Steel in Ingots or Other Primary Forms in South Korea
Price for Stainless Steel in Ingots or Other Primary Forms in South Korea (FOB) - 2022
In 2022, the average export price for stainless steel in ingots or other primary forms amounted to $1,923 per ton, reducing by -23.6% against the previous year. Over the period under review, the export price showed a deep reduction. The pace of growth appeared the most rapid in 2014 an increase of 115% against the previous year. The export price peaked at $3,327 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($3,883 per ton), while the average price for exports to Belgium ($1,691 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 China (-4.7%), while the prices for the other major destinations experienced a decline.
Price for Stainless Steel in Ingots or Other Primary Forms in South Korea (CIF) - 2022
In 2022, the average import price for stainless steel in ingots or other primary forms amounted to $3,073 per ton, picking up by 29% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $3,346 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Sweden ($3,855 per ton) and Belgium ($3,640 per ton), while the price for China ($2,811 per ton) and Indonesia ($2,971 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+21.4%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Stainless Steel in Ingots or Other Primary Forms in South Korea
For the fourth year in a row, South Korea recorded growth in shipments abroad of stainless steel in ingots or other primary forms, which increased by 536% to 71K tons in 2022. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, exports of stainless steel in ingots or other primary forms soared to $136M in 2022. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 884% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are expected to retain growth in the near future.
| Export of Stainless Steel in Ingots or Other Primary Forms in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 0.3 | 0.6 | 23.3 | 94.1 | 579.4% |
| Belgium | N/A | N/A | N/A | 33.2 | 0% |
| France | N/A | N/A | N/A | 4.6 | 0% |
| Vietnam | 1.3 | 0.2 | 2.6 | 1.9 | 13.5% |
| Japan | 0.8 | 0.6 | 1.3 | 1.3 | 17.6% |
| Others | 1.6 | 1.5 | 0.9 | 1.3 | -6.7% |
| Total | 4.0 | 2.9 | 28.1 | 136 | 224.0% |
Top Export Markets for Stainless Steel in Ingots or Other Primary Forms from South Korea in 2022:
- China (48.2K tons)
- Belgium (19.6K tons)
- France (1.2K tons)
- Vietnam (0.5K tons)
- Japan (0.4K tons)
Imports of Stainless Steel in Ingots or Other Primary Forms in South Korea
In 2022, imports of stainless steel in ingots or other primary forms into South Korea soared to 23K tons, jumping by 59% on the previous year's figure. Over the period under review, imports recorded a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 68%. Imports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, imports of stainless steel in ingots or other primary forms surged to $70M in 2022. Overall, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Stainless Steel in Ingots or Other Primary Forms in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 0.1 | 8.0 | 17.7 | 51.7 | 702.6% |
| United Kingdom | 6.7 | 7.9 | 8.4 | 8.7 | 9.1% |
| Taiwan (Chinese) | 7.1 | 5.8 | 2.4 | 4.4 | -14.7% |
| Belgium | 1.8 | 4.1 | 3.0 | 1.8 | 0.0% |
| China | 0.2 | 0.4 | 0.9 | 1.2 | 81.7% |
| Sweden | 1.7 | 1.1 | 0.6 | 0.5 | -33.5% |
| Others | 2.7 | 2.8 | 1.1 | 1.5 | -17.8% |
| Total | 20.2 | 29.9 | 34.1 | 69.8 | 51.2% |
Top Suppliers of Stainless Steel in Ingots or Other Primary Forms to South Korea in 2022:
- Indonesia (17.4K tons)
- United Kingdom (2.6K tons)
- Taiwan (Chinese) (1.4K tons)
- Belgium (0.5K tons)
- China (0.4K tons)
- Sweden (0.1K tons)
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