Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea - 2022

Contents:

1. Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea (CIF) - 2022
2. Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea (FOB) - 2022
3. Imports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea
4. Exports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea

Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea (CIF) - 2022

In December 2022, the average import price for ferrous waste and scrap; remelting scrap ingots of iron or steels amounted to $420 per ton, rising by 2.5% against the previous month. Over the period under review, the import price, however, recorded a pronounced curtailment. The most prominent rate of growth was recorded in May 2022 when the average import price increased by 10% m-o-m. As a result, import price reached the peak level of $695 per ton. From June 2022 to December 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the countries with the highest prices were the United States ($444 per ton) and Australia ($411 per ton), while the price for Russia ($404 per ton) and Japan ($411 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Russia (-2.2%), while the prices for the other major suppliers experienced a decline.

Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea (FOB) - 2022

In December 2022, the average export price for ferrous waste and scrap; remelting scrap ingots of iron or steels amounted to $1,289 per ton, increasing by 23% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +1.2%. Over the period under review, the average export prices hit record highs at $1,440 per ton in May 2022; however, from June 2022 to December 2022, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Japan ($2,944 per ton), while the average price for exports to Thailand ($297 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea

Imports of ferrous waste and scrap; remelting scrap ingots of iron or steels into South Korea declined to 4.7M tons in 2022, shrinking by -1.8% on 2021 figures. In general, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 8.9%.

In value terms, imports of ferrous waste and scrap; remelting scrap ingots of iron or steels reached $2.8B in 2022. Overall, total imports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +5.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.6% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 88%. Imports peaked in 2022 and are likely to continue growth in the near future.

Top Suppliers of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel to South Korea in 2022:

1. Japan (3152.8K tons)
2. United States (601.2K tons)
3. Russia (326.8K tons)
4. Australia (145.0K tons)
5. Thailand (84.4K tons)

Exports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in South Korea

After three years of growth, overseas shipments of ferrous waste and scrap; remelting scrap ingots of iron or steels decreased by -31.2% to 279K tons in 2022. In general, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +7.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +23.7% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 60%. As a result, the exports attained the peak of 405K tons, and then fell markedly in the following year.

In value terms, exports of ferrous waste and scrap; remelting scrap ingots of iron or steels fell to $315M in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 124% against the previous year. As a result, the exports reached the peak of $370M, and then contracted in the following year.

Top Export Markets for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel from South Korea in 2022:

1. India (86.9K tons)
2. China (61.8K tons)
3. Thailand (44.5K tons)
4. Japan (31.7K tons)
5. Taiwan (Chinese) (31.6K tons)
6. Malaysia (7.3K tons)
7. Vietnam (5.3K tons)
8. Indonesia (1.6K tons)