Republic of Korea: Market for Forged Bars Of Stainless Steel 2024

Market Size for Forged Bars Of Stainless Steel in Republic of Korea

The South Korean forged stainless steel bar market fell slightly to $X in 2023, declining by X% against the previous year. Overall, consumption saw a perceptible curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Production of Forged Bars Of Stainless Steel in Republic of Korea

In value terms, forged stainless steel bar production stood at $X in 2023 estimated in export price. Overall, production, however, showed a pronounced decline. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2023, production growth failed to regain momentum.

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Exports of Forged Bars Of Stainless Steel

Exports from Republic of Korea

In 2023, overseas shipments of forged bars of stainless steel were finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The exports peaked at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, forged stainless steel bar exports surged to $X in 2023. In general, exports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for forged stainless steel bar exports from South Korea, with a X% share of total exports. Moreover, forged stainless steel bar exports to Malaysia exceeded the volume sent to the second major destination, China (X tons), sevenfold. The third position in this ranking was taken by Guatemala (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Guatemala (X% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for forged bars of stainless steel exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by China ($X), with a X% share of total exports. It was followed by Chile, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Chile (X% per year).

Export Prices by Country

In 2023, the average forged stainless steel bar export price amounted to $X per ton, rising by X% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forged Bars Of Stainless Steel

Imports into Republic of Korea

After two years of decline, overseas purchases of forged bars of stainless steel increased by X% to X tons in 2023. In general, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

In value terms, forged stainless steel bar imports declined to $X in 2023. Over the period under review, imports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons), India (X tons) and China (X tons) were the main suppliers of forged stainless steel bar imports to South Korea, together comprising X% of total imports. Germany, Japan, Italy and Ukraine lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest forged stainless steel bar suppliers to South Korea were Taiwan (Chinese) ($X), Germany ($X) and Japan ($X), with a combined X% share of total imports.

Among the main suppliers, Germany, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average forged stainless steel bar import price amounted to $X per ton, falling by X% against the previous year. In general, the import price showed a slight decline. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform