Price for Iron or Steel; Cast Articles in South Korea - 2022

Contents:

1. Price for Iron or Steel; Cast Articles in South Korea (FOB) - 2022
2. Price for Iron or Steel; Cast Articles in South Korea (CIF) - 2022
3. Exports of Iron or Steel; Cast Articles in South Korea
4. Imports of Iron or Steel; Cast Articles in South Korea

Price for Iron or Steel; Cast Articles in South Korea (FOB) - 2022

The average export price for iron or steel; cast articleses stood at $3,426 per ton in 2022, picking up by 9.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 15% against the previous year. The export price peaked at $3,624 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($7,942 per ton), while the average price for exports to Poland ($1,432 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+9.2%), while the prices for the other major destinations experienced mixed trend patterns.

Price for Iron or Steel; Cast Articles in South Korea (CIF) - 2022

The average import price for iron or steel; cast articleses stood at $1,634 per ton in December 2022, growing by 2% against the previous month. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in February 2022 when the average import price increased by 38% against the previous month. As a result, import price reached the peak level of $2,275 per ton. From March 2022 to December 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was India ($10,126 per ton), while the price for Vietnam ($1,018 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by India (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Iron or Steel; Cast Articles in South Korea

In 2022, iron or steel; cast articles exports from South Korea reduced to 48K tons, shrinking by -8.9% compared with the year before. The total export volume increased at an average annual rate of +2.4% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 22% against the previous year. As a result, the exports attained the peak of 53K tons, and then fell in the following year.

In value terms, iron or steel; cast articles exports dropped slightly to $165M in 2022. The total export value increased at an average annual rate of +2.5% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 23%. As a result, the exports attained the peak of $165M, leveling off in the following year.

Top Export Markets for Iron or Steel; Cast Articles from South Korea in 2022:

1. Japan (33.0K tons)
2. India (3.4K tons)
3. Vietnam (2.2K tons)
4. China (2.2K tons)
5. Philippines (1.1K tons)
6. Germany (1.1K tons)
7. Poland (1.1K tons)
8. Thailand (1.1K tons)

Imports of Iron or Steel; Cast Articles in South Korea

In 2022, approx. 60K tons of iron or steel; cast articleses were imported into South Korea; increasing by 4.4% on the year before. Overall, imports, however, continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 7.4% against the previous year.

In value terms, iron or steel; cast articles imports stood at $107M in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 19%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Top Suppliers of Iron or Steel; Cast Articles to South Korea in 2022:

1. China (43.6K tons)
2. Vietnam (8.3K tons)
3. Japan (1.2K tons)

Source: IndexBox Market Intelligence Platform