Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea - 2022

Contents:

1. Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea (FOB) - 2022
2. Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea (CIF) - 2022
3. Exports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea
4. Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea

Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea (FOB) - 2022

The average export price for steel, alloy stood at $696 per ton in December 2022, shrinking by -4% against the previous month. Over the period under review, the export price recorded a pronounced shrinkage. The pace of growth appeared the most rapid in April 2022 an increase of 10% against the previous month. The export price peaked at $1,045 per ton in June 2022; however, from July 2022 to December 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In December 2022, the country with the highest price was Mexico ($1,036 per ton), while the average price for exports to Thailand ($584 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 China (-0.8%), while the prices for the other major destinations experienced a decline.

Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea (CIF) - 2022

In 2022, the average import price for steel, alloy amounted to $787 per ton, leveling off at the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for steel, alloy increased by +65.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 65% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($894 per ton), while the price for China ($780 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Exports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea

In 2022, approx. 332K tons of steel, alloy were exported from South Korea; which is down by -26.6% on 2021. Overall, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 4% against the previous year.

In value terms, exports of steel, alloy dropped notably to $291M in 2022. In general, exports saw a noticeable reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 75%. As a result, the exports reached the peak of $383M, and then dropped remarkably in the following year.

Top Export Markets for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils from South Korea in 2022:

1. India (162.5K tons)
2. China (47.7K tons)
3. Thailand (44.5K tons)
4. Mexico (23.5K tons)
5. Indonesia (19.1K tons)
6. Vietnam (16.4K tons)
7. United States (8.4K tons)
8. Japan (1.6K tons)

Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in South Korea

Imports of steel, alloy into South Korea declined markedly to 157K tons in 2022, which is down by -68.3% compared with the previous year's figure. In general, imports faced a sharp slump. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year.

In value terms, imports of steel, alloy dropped markedly to $124M in 2022. Overall, imports showed a precipitous setback. The pace of growth appeared the most rapid in 2021 when imports increased by 137%. As a result, imports reached the peak of $389M, and then fell rapidly in the following year.

Top Suppliers of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils to South Korea in 2022:

1. China (146.1K tons)
2. Japan (8.3K tons)
3. Taiwan (Chinese) (2.7K tons)

Source: IndexBox Market Intelligence Platform