Republic of Korea - Hot-Rolled Bars In Bearing Steels - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Hot-Rolled Bearing Steel Bar in South Korea - 2022
Contents:
- Price for Hot-Rolled Bearing Steel Bar in South Korea (CIF) - 2022
- Price for Hot-Rolled Bearing Steel Bar in South Korea (FOB) - 2022
- Imports of Hot-Rolled Bearing Steel Bar in South Korea
- Exports of Hot-Rolled Bearing Steel Bar in South Korea
Price for Hot-Rolled Bearing Steel Bar in South Korea (CIF) - 2022
The average hot-rolled bearing steel bar import price stood at $769 per ton in December 2022, dropping by -1.8% against the previous month. Over the period under review, the import price showed a noticeable contraction. The growth pace was the most rapid in June 2022 an increase of 5.5% m-o-m. As a result, import price attained the peak level of $1,020 per ton. From July 2022 to December 2022, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Japan ($1,000 per ton), while the price for Malaysia ($607 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 Japan (+0.6%), while the prices for the other major suppliers experienced a decline.
Price for Hot-Rolled Bearing Steel Bar in South Korea (FOB) - 2022
In December 2022, the average hot-rolled bearing steel bar export price amounted to $1,333 per ton, increasing by 9.7% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +1.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by the country of destination: the country with the highest price was the United States ($2,322 per ton), while the average price for exports to Belgium ($859 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 Spain (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Hot-Rolled Bearing Steel Bar in South Korea
Hot-rolled bearing steel bar imports into South Korea dropped significantly to 273K tons in 2022, reducing by -32.1% on the year before. Overall, imports showed a abrupt decline. The pace of growth was the most pronounced in 2021 when imports increased by 55%. As a result, imports attained the peak of 402K tons, and then shrank notably in the following year.
In value terms, hot-rolled bearing steel bar imports reduced rapidly to $254M in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 112% against the previous year. As a result, imports reached the peak of $358M, and then dropped markedly in the following year.
Import of Hot-Rolled Bearing Steel Bar in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 219 | 152 | 306 | 206 | -2.0% |
Japan | 20.7 | 12.3 | 38.8 | 31.6 | 15.1% |
Malaysia | N/A | 0.4 | 0.4 | 8.7 | 366.4% |
Others | 8.6 | 4.7 | 12.8 | 7.1 | -6.2% |
Total | 249 | 169 | 358 | 254 | 0.7% |
Top Suppliers of Hot-Rolled Bearing Steel Bar to South Korea in 2022:
- China (227.2K tons)
- Japan (29.0K tons)
- Malaysia (12.7K tons)
Exports of Hot-Rolled Bearing Steel Bar in South Korea
Hot-rolled bearing steel bar exports from South Korea dropped notably to 296K tons in 2022, which is down by -16.6% compared with the previous year. Over the period under review, exports showed a deep reduction. The growth pace was the most rapid in 2021 with an increase of 21%.
In value terms, hot-rolled bearing steel bar exports expanded to $368M in 2022. Overall, total exports indicated a pronounced increase from 2019 to 2022: its value increased at an average annual rate of +3.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 52%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.
Export of Hot-Rolled Bearing Steel Bar in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 32.4 | 31.1 | 39.0 | 47.7 | 13.8% |
United States | 29.5 | 14.7 | 23.9 | 46.5 | 16.4% |
Thailand | 31.5 | 26.8 | 55.0 | 45.3 | 12.9% |
Belgium | 28.3 | 19.4 | 47.5 | 39.3 | 11.6% |
Indonesia | 32.2 | 19.7 | 35.9 | 33.9 | 1.7% |
Vietnam | 11.1 | 15.7 | 20.8 | 27.3 | 35.0% |
Japan | 16.7 | 11.9 | 18.8 | 25.8 | 15.6% |
Mexico | 30.8 | 9.1 | 15.7 | 19.4 | -14.3% |
Taiwan (Chinese) | 16.5 | 15.2 | 25.8 | 16.9 | 0.8% |
Spain | 4.7 | 6.4 | 11.1 | 12.6 | 38.9% |
India | 32.4 | 12.1 | 14.6 | 10.1 | -32.2% |
Australia | 6.2 | 3.2 | 7.0 | 9.6 | 15.7% |
Canada | 18.6 | 4.6 | 2.7 | 9.4 | -20.3% |
Others | 39.2 | 41.0 | 34.5 | 24.1 | -15.0% |
Total | 330 | 231 | 352 | 368 | 3.7% |
Top Export Markets for Hot-Rolled Bearing Steel Bar from South Korea in 2022:
- Belgium (40.1K tons)
- Thailand (39.4K tons)
- China (38.1K tons)
- Indonesia (30.5K tons)
- Japan (24.8K tons)
- United States (24.1K tons)
- Vietnam (22.5K tons)
- Mexico (15.7K tons)
- Taiwan (Chinese) (13.4K tons)
- Spain (10.7K tons)
- India (7.6K tons)
- Australia (6.8K tons)
- Canada (3.9K tons)
This report provides an in-depth analysis of the market for hot-rolled bearing steel bar 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 24106630 - Hot-rolled bars in bearing steels
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
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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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