Report Update: May 1, 2024

Republic of Korea - Iron Or Steel Stranded Wire, Ropes And Cables - Market Analysis, Forecast, Size, Trends And Insights

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Steel Stranded Wire Price in South Korea - 2022

Steel Stranded Wire Price in South Korea (FOB) - 2022

In December 2022, the average steel stranded wire export price amounted to $2,796 per ton, with a decrease of -6.9% against the previous month. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in January 2022 an increase of 5% m-o-m. The export price peaked at $3,002 per ton in November 2022, and then fell in the following month.

There were significant differences in the average prices for the major overseas markets. In December 2022, the country with the highest price was the United States ($3,113 per ton), while the average price for exports to Taiwan (Chinese) ($1,890 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 Italy (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Price in South Korea (CIF) - 2022

The average steel stranded wire import price stood at $1,488 per ton in December 2022, falling by -7.7% against the previous month. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 an increase of 4.9% month-to-month. Over the period under review, average import prices hit record highs at $1,740 per ton in August 2022; however, from September 2022 to December 2022, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Malaysia ($2,208 per ton), while the price for China ($1,275 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 Malaysia (+1.1%), while the prices for the other major suppliers experienced a decline.

Steel Stranded Wire Exports in South Korea

In 2022, approx. 183K tons of iron or steel stranded wire, ropes and cables were exported from South Korea; falling by -3.1% against 2021 figures. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 0.5%.

In value terms, steel stranded wire exports rose markedly to $523M in 2022. The total export value increased at an average annual rate of +2.2% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 15%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Export of Steel Stranded Wire in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	89.8	65.2	95.2	137	15.1%
China	39.4	37.6	44.8	43.6	3.4%
Japan	52.6	43.8	43.6	43.1	-6.4%
Netherlands	18.9	10.8	16.9	22.1	5.4%
Spain	23.2	14.0	17.1	20.6	-3.9%
Poland	16.2	15.6	13.5	19.2	5.8%
Taiwan (Chinese)	26.8	24.3	23.3	17.4	-13.4%
Singapore	22.3	16.9	15.6	17.4	-7.9%
Thailand	17.8	15.0	21.1	15.0	-5.5%
Turkey	9.0	19.0	13.3	14.2	16.4%
Belgium	20.4	17.5	18.5	14.2	-11.4%
Italy	9.1	5.7	10.2	14.0	15.4%
Mexico	11.1	9.7	13.3	13.3	6.2%
Others	134	106	117	132	-0.5%
Total	490	402	464	523	2.2%

Top Export Markets for Steel Stranded Wire from South Korea in 2022:

United States (40.8K tons)
Japan (19.4K tons)
China (15.2K tons)
Netherlands (8.3K tons)
Taiwan (Chinese) (7.8K tons)
Singapore (7.1K tons)
Spain (7.1K tons)
Poland (6.6K tons)
Thailand (6.2K tons)
Turkey (5.6K tons)
Belgium (5.3K tons)
Italy (5.2K tons)
Mexico (5.1K tons)

Steel Stranded Wire Imports in South Korea

In 2022, imports of iron or steel stranded wire, ropes and cables into South Korea rose rapidly to 184K tons, with an increase of 10% compared with 2021. Over the period under review, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +8.3% 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 +55.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, steel stranded wire imports expanded rapidly to $303M in 2022. In general, total imports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +10.0% 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 +69.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 52% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Import of Steel Stranded Wire in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	143	119	204	237	18.3%
Vietnam	45.0	36.5	48.1	45.5	0.4%
Malaysia	21.0	6.3	0.9	5.9	-34.5%
Others	18.8	17.8	19.2	14.6	-8.1%
Total	228	179	272	303	9.9%

Top Suppliers of Steel Stranded Wire to South Korea in 2022:

China (158.6K tons)
Vietnam (20.9K tons)
Malaysia (2.6K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the steel stranded wire market 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 25931130 - Iron or steel stranded wire, ropes and cables (including stranded wires and wire ropes with or without attached fittings not electrically insulated) (excluding electrically insulated)

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023