Republic of Korea: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Republic of Korea

In 2021, the South Korean market for precious metal ores and concentrates decreased by -7.6% to $X, falling for the second consecutive year after eight years of growth. Overall, consumption continues to indicate a buoyant expansion. Precious metal ore and concentrate consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Precious Metal Ores And Concentrates in Republic of Korea

In value terms, precious metal ore and concentrate production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 when the production volume increased by 81% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from Republic of Korea

In 2021, precious metal ore and concentrate exports from South Korea soared to X tons, surging by 1,655% against 2020. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 3,548%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, precious metal ore and concentrate exports soared to $X in 2021. In general, exports showed a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 3,336% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for precious metal ore and concentrate exports from South Korea, accounting for a 69% share of total exports. Moreover, precious metal ore and concentrate exports to Indonesia exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Vietnam (X tons), with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+6.2% per year) and Vietnam (+499.5% per year).

In value terms, China ($X) remains the key foreign market for precious metal ore and concentrate exports from South Korea, comprising 79% of total exports. The second position in the ranking was held by Indonesia ($X), with a 5.7% share of total exports. It was followed by Vietnam, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+94.7% per year) and Vietnam (+993.5% per year).

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, dropping by -61% against the previous year. Overall, the export price continues to indicate a perceptible decline. The pace of growth appeared the most rapid in 2015 when the average export price increased by 115%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+82.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into Republic of Korea

In 2021, after three years of decline, there was significant growth in purchases abroad of precious metal ores and concentrates, when their volume increased by 63% to X tons. Overall, imports recorded buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 97%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports rose remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2013 with an increase of 29% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Mexico (X tons), Argentina (X tons) and Peru (X tons) were the main suppliers of precious metal ore and concentrate imports to South Korea, together accounting for 67% of total imports. Honduras, Papua New Guinea, Australia, Brazil and Uruguay lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the biggest increases were in Honduras (with a CAGR of +92.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest precious metal ore and concentrate suppliers to South Korea were Mexico ($X), Argentina ($X) and Peru ($X), together comprising 64% of total imports. Papua New Guinea, Honduras, Australia, Uruguay and Brazil lagged somewhat behind, together accounting for a further 19%.

Honduras, with a CAGR of +52.1%, 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

The average import price for precious metal ores and concentrates stood at $X per ton in 2021, shrinking by -30.7% against the previous year. Overall, the import price faced a deep contraction. The pace of growth appeared the most rapid in 2019 an increase of 54% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Papua New Guinea ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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