Price for Steel, Stainless; Angles, Shapes and Sections in South Korea - 2022

Contents:

1. Price for Steel, Stainless; Angles, Shapes and Sections in South Korea (CIF) - 2022
2. Price for Steel, Stainless; Angles, Shapes and Sections in South Korea (FOB) - 2022
3. Imports of Steel, Stainless; Angles, Shapes and Sections in South Korea
4. Exports of Steel, Stainless; Angles, Shapes and Sections in South Korea

Price for Steel, Stainless; Angles, Shapes and Sections in South Korea (CIF) - 2022

The average import price for steel, stainless stood at $3,311 per ton in December 2022, falling by -2.9% against the previous month. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2022 when the average import price increased by 13% month-to-month. Over the period under review, average import prices hit record highs at $4,602 per ton in September 2022; however, from October 2022 to December 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In December 2022, the highest price was recorded for prices from Japan ($3,938 per ton) and Malaysia ($3,309 per ton), while the price for China ($2,968 per ton) and India ($3,264 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 Japan (+1.1%), while the prices for the other major suppliers experienced a decline.

Price for Steel, Stainless; Angles, Shapes and Sections in South Korea (FOB) - 2022

The average export price for steel, stainless stood at $4,733 per ton in 2022, with a decrease of -9.3% against the previous year. In general, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the average export price increased by 93%. The export price peaked at $5,221 per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($6,000 per ton), while the average price for exports to Taiwan (Chinese) ($3,502 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 (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Steel, Stainless; Angles, Shapes and Sections in South Korea

In 2022, the amount of steel, stainless imported into South Korea shrank to 13K tons, falling by -11.7% compared with the year before. Overall, imports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year.

In value terms, imports of steel, stainless rose sharply to $52M in 2022. Over the period under review, total imports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +8.0% 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 +56.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 40%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Steel, Stainless; Angles, Shapes and Sections to South Korea in 2022:

1. India (5.1K tons)
2. China (5.0K tons)
3. Japan (2.8K tons)

Exports of Steel, Stainless; Angles, Shapes and Sections in South Korea

In 2022, after two years of decline, there was significant growth in overseas shipments of steel, stainless, when their volume increased by 23% to 209 tons. Overall, exports, however, continue to indicate a deep reduction.

In value terms, exports of steel, stainless expanded significantly to $989K in 2022. Over the period under review, exports, however, showed a abrupt contraction.

Top Export Markets for Steel, Stainless; Angles, Shapes and Sections from South Korea in 2022:

1. Taiwan (Chinese) (40.4 tons)
2. Germany (40.3 tons)
3. Thailand (36.2 tons)
4. Belgium (21.0 tons)
5. Indonesia (19.9 tons)
6. Singapore (19.8 tons)
7. Vietnam (8.3 tons)
8. India (4.4 tons)
9. Guam (1.1 tons)
10. Russia (0.8 tons)

Source: IndexBox Market Intelligence Platform