Republic of Korea: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Republic of Korea

The South Korean market for hot-rolled non-alloy steel wire rods amounted to $X in 2022, surging by X% against the previous year. In general, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Republic of Korea

In value terms, hot-rolled non-alloy steel wire rod production fell to $X in 2022 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. Hot-rolled non-alloy steel wire rod production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Republic of Korea

In 2022, overseas shipments of hot-rolled non-alloy steel wire rods decreased by X% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports saw a slight downturn. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports shrank to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), Vietnam (X tons) and Malaysia (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from South Korea, together comprising X% of total exports. The United States, Thailand, Taiwan (Chinese), Indonesia and China lagged somewhat behind, together comprising a further X%.

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

In value terms, Vietnam ($X), Japan ($X) and Malaysia ($X) appeared to be the largest markets for hot-rolled non-alloy steel wire rod exported from South Korea worldwide, with a combined X% share of total exports. The United States, Thailand, Taiwan (Chinese), Indonesia and China lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Indonesia, 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 hot-rolled non-alloy steel wire rods stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Indonesia ($X per ton), while the average price for exports to Japan ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Republic of Korea

In 2022, supplies from abroad of hot-rolled non-alloy steel wire rods increased by X% to X tons, rising for the second consecutive year after four years of decline. In general, imports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2022. Overall, imports, however, recorded a mild slump. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest hot-rolled non-alloy steel wire rod supplier to South Korea, with a X% share of total imports. Moreover, hot-rolled non-alloy steel wire rod imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Vietnam (X tons) ranked third in terms of total imports with a X% share.

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: Japan (X% per year) and Vietnam (X% per year).

In value terms, the largest hot-rolled non-alloy steel wire rod suppliers to South Korea were China ($X), Japan ($X) and Vietnam ($X), with a combined X% share of total imports. Malaysia, Indonesia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, surging by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked in 2022 and is likely to continue growth in years to come.

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

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

Source: IndexBox Platform

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