Republic of Korea: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Republic of Korea

The South Korean market for iron or steel wire products dropped to $X in 2022, with a decrease of X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Production of Iron or Steel Wire Products in Republic of Korea

In value terms, iron or steel wire product production dropped to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Iron or steel wire product production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports from Republic of Korea

After three years of decline, shipments abroad of iron or steel wire products increased by X% to X tons in 2022. Overall, exports showed a notable increase. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, iron or steel wire product exports reduced slightly to $X in 2022. In general, exports saw a strong increase. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

The United States (X tons), Vietnam (X tons) and the United Arab Emirates (X tons) were the main destinations of iron or steel wire product exports from South Korea, with a combined X% share of total exports. China, Italy, New Zealand, Belgium, Australia, Japan, Nepal, Peru, Taiwan (Chinese) and Finland lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel wire product exported from South Korea were China ($X), Vietnam ($X) and the United States ($X), with a combined X% share of total exports. The United Arab Emirates, Italy, New Zealand, Belgium, Australia, Japan, Nepal, Peru, Taiwan (Chinese) and Finland lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Nepal, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for iron or steel wire products stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the export price, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Finland ($X 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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Wire Products

Imports into Republic of Korea

After six years of growth, purchases abroad of iron or steel wire products decreased by X% to X tons in 2022. Over the period under review, imports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of X%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, iron or steel wire product imports contracted slightly to $X in 2022. In general, imports, however, saw buoyant growth. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of iron or steel wire product to South Korea, with a X% share of total imports. Moreover, iron or steel wire product imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel wire products to South Korea, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average import price for iron or steel wire products amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2014 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, 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 India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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