Republic of Korea: Market for Tin Ores And Concentrates 2024

Market Size for Tin Ores And Concentrates in Republic of Korea

The South Korean tin ores and concentrates market shrank significantly to $X in 2022, with a decrease of -32.5% against the previous year. Over the period under review, consumption continues to indicate a deep setback. Tin ores and concentrates consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Production of Tin Ores And Concentrates in Republic of Korea

In value terms, tin ores and concentrates production totaled $X in 2022 estimated in export price. In general, production, however, continues to indicate a mild slump. The most prominent rate of growth was recorded in 2015 with an increase of 23%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

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Exports of Tin Ores And Concentrates

Exports from Republic of Korea

In 2022, approx. X tons of tin ores and concentrateses were exported from South Korea; growing by 53% on the previous year's figure. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 713% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, tin ores and concentrates exports surged to $X in 2022. Overall, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 478% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for tin ores and concentrates exports from South Korea, with a 98% share of total exports. It was followed by Indonesia (X tons), with a 1.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +107.6%.

In value terms, the United Arab Emirates ($X) remains the key foreign market for tin ores and concentrateses exports from South Korea, comprising 96% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +59.6%.

Export Prices by Country

The average tin ores and concentrates export price stood at $X per ton in 2022, which is down by -2.2% against the previous year. In general, the export price recorded a noticeable decline. The most prominent rate of growth was recorded in 2014 when the average export price increased by 46% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+36.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tin Ores And Concentrates

Imports into Republic of Korea

In 2022, supplies from abroad of tin ores and concentrateses increased by 48% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports saw a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 760%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, tin ores and concentrates imports soared to $X in 2022. Overall, imports posted a significant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 403%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main tin ores and concentrates supplier to South Korea, with a 94% share of total imports. Moreover, tin ores and concentrates imports from China exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +102.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+58.0% per year) and Bolivia (-46.3% per year).

In value terms, China ($X) constituted the largest supplier of tin ores and concentrateses to South Korea, comprising 98% of total imports. The second position in the ranking was taken by the United States ($X), with a 1.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +95.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+48.9% per year) and Bolivia (-46.9% per year).

Import Prices by Country

In 2022, the average tin ores and concentrates import price amounted to $X per ton, increasing by 26% against the previous year. Over the period under review, the import price posted a prominent expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 222% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average 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 China ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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