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Republic of Korea - Wire Rod Of Free-Cutting Steel - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Free-Cutting Steel Wire Rod in South Korea - 2022
Contents:
- Price for Free-Cutting Steel Wire Rod in South Korea (CIF) - 2022
- Price for Free-Cutting Steel Wire Rod in South Korea (FOB) - 2022
- Imports of Free-Cutting Steel Wire Rod in South Korea
- Exports of Free-Cutting Steel Wire Rod in South Korea
Price for Free-Cutting Steel Wire Rod in South Korea (CIF) - 2022
In December 2022, the average free-cutting steel wire rod import price amounted to $1,153 per ton, which is down by -7.7% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in February 2022 when the average import price increased by 10% month-to-month. The import price peaked at $1,339 per ton in September 2022; however, from October 2022 to December 2022, import prices failed to regain momentum.
Average prices varied noticeably amongst the major supplying countries. In December 2022, the countries with the highest prices were Germany ($1,389 per ton) and the Netherlands ($1,376 per ton), while the price for Japan ($1,128 per ton) and the UK ($1,376 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 Germany (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Free-Cutting Steel Wire Rod in South Korea (FOB) - 2022
The average free-cutting steel wire rod export price stood at $1,570 per ton in 2022, rising by 4.6% against the previous year. Overall, the export price posted a remarkable increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 263% against the previous year. Over the period under review, the average export prices hit record highs at $3,510 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($2,535 per ton), while the average price for exports to Thailand ($1,008 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 Thailand (+30.7%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Free-Cutting Steel Wire Rod in South Korea
In 2022, approx. 34K tons of wire rod of free-cutting steel were imported into South Korea; waning by -21.2% on the previous year. The total import volume increased at an average annual rate of +2.4% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. As a result, imports reached the peak of 43K tons, and then fell notably in the following year.
In value terms, free-cutting steel wire rod imports declined slightly to $40M in 2022. In general, total imports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +13.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. As a result, imports attained the peak of $40M, leveling off in the following year.
Import of Free-Cutting Steel Wire Rod in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Japan | 24.2 | 22.0 | 36.0 | 36.5 | 14.7% |
Netherlands | 0.3 | 0.5 | 0.9 | 1.4 | 67.1% |
Germany | 1.7 | 0.8 | 1.1 | 1.0 | -16.2% |
United Kingdom | 1.1 | 0.3 | 1.3 | 0.6 | -18.3% |
Others | 0.2 | 0.9 | 1.0 | 0.9 | 65.1% |
Total | 27.5 | 24.5 | 40.5 | 40.4 | 13.7% |
Top Suppliers of Free-Cutting Steel Wire Rod to South Korea in 2022:
- Japan (30.8K tons)
- Netherlands (0.9K tons)
- Germany (0.8K tons)
- United Kingdom (0.4K tons)
Exports of Free-Cutting Steel Wire Rod in South Korea
In 2022, after three years of growth, there was significant decline in shipments abroad of wire rod of free-cutting steel, when their volume decreased by -30.7% to 1.1K tons. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 381% against the previous year. As a result, the exports reached the peak of 1.6K tons, and then reduced markedly in the following year.
In value terms, free-cutting steel wire rod exports declined remarkably to $1.7M in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 441%. As a result, the exports attained the peak of $2.3M, and then dropped notably in the following year.
Export of Free-Cutting Steel Wire Rod in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 270 | 240 | 1,303 | 961 | 52.7% |
Saudi Arabia | N/A | 183 | 1,017 | 624 | 84.7% |
Thailand | N/A | N/A | 3.0 | 104 | 3366.7% |
Others | 2.0 | 8.3 | 14.1 | 3.7 | 22.8% |
Total | 272 | 432 | 2,336 | 1,693 | 83.9% |
Top Export Markets for Free-Cutting Steel Wire Rod from South Korea in 2022:
- China (728.0 tons)
- Saudi Arabia (246.3 tons)
- Thailand (103.3 tons)
This report provides an in-depth analysis of the market for free-cutting steel wire rod in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24106120 - Wire rod of free-cutting steel
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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