Stainless Steel Wire Price in South Korea - 2022
Contents:
- Stainless Steel Wire Price in South Korea (FOB) - 2022
- Stainless Steel Wire Price in South Korea (CIF) - 2022
- Stainless Steel Wire Exports in South Korea
- Stainless Steel Wire Imports in South Korea
Stainless Steel Wire Price in South Korea (FOB) - 2022
In December 2022, the average stainless steel wire export price amounted to $6,862 per ton, dropping by -5.8% against the previous month. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2022 when the average export price increased by 5.8% against the previous month. The export price peaked at $7,769 per ton in July 2022; however, from August 2022 to December 2022, the export prices failed to regain momentum.
Average prices varied somewhat for the major foreign markets. In December 2022, the highest price was recorded for prices to China ($7,835 per ton) and the United States ($7,706 per ton), while the average price for exports to India ($5,812 per ton) and Japan ($5,981 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.
Stainless Steel Wire Price in South Korea (CIF) - 2022
In December 2022, the average stainless steel wire import price amounted to $3,740 per ton, surging by 28% against the previous month. Overall, import price indicated a modest increase from December 2021 to December 2022: its price increased at an average monthly rate of +1.1% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, stainless steel wire import price increased by +76.8% against October 2022 indices. The most prominent rate of growth was recorded in May 2022 when the average import price increased by 127% against the previous month. Over the period under review, average import prices reached the maximum at $4,963 per ton in February 2022; however, from March 2022 to December 2022, import prices remained at a 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 Japan ($17,085 per ton), while the price for China ($2,978 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 (-0.0%), while the prices for the other major suppliers experienced a decline.
Stainless Steel Wire Exports in South Korea
For the third year in a row, South Korea recorded decline in shipments abroad of stainless steel wire, which decreased by 0% to 18K tons in 2022. Over the period under review, exports saw a sharp setback. The smallest decline of -7.3% was in 2020.
In value terms, stainless steel wire exports totaled $95M in 2022. In general, exports continue to indicate a dramatic setback. The smallest decline of -8.4% was in 2020.
| Export of Stainless Steel Wire in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 37.9 | 38.3 | N/A | 19.9 | -19.3% |
| China | 27.8 | 28.9 | N/A | 15.5 | -17.7% |
| Japan | 39.2 | 32.0 | N/A | 13.7 | -29.6% |
| United States | 32.0 | 28.7 | N/A | 13.0 | -25.9% |
| Italy | 8.3 | 7.6 | N/A | 5.3 | -13.9% |
| Spain | 5.3 | 5.0 | N/A | 3.0 | -17.3% |
| Singapore | 4.3 | 5.4 | N/A | 2.7 | -14.4% |
| Vietnam | 5.0 | 4.5 | N/A | 2.4 | -21.7% |
| Hong Kong SAR | 5.8 | 5.1 | N/A | 2.3 | -26.5% |
| Mexico | 4.0 | 3.0 | N/A | 2.0 | -20.6% |
| Thailand | 3.9 | 3.8 | N/A | 1.9 | -21.3% |
| Turkey | 3.2 | 4.1 | N/A | 1.4 | -24.1% |
| Netherlands | 2.1 | 1.9 | N/A | 1.3 | -14.8% |
| Others | 29.6 | 22.6 | N/A | 11.2 | -27.7% |
| Total | 208 | 191 | N/A | 95.4 | -22.9% |
Top Export Markets for Stainless Steel Wire from South Korea in 2022:
- Germany (4.0K tons)
- Japan (3.0K tons)
- China (2.3K tons)
- United States (2.2K tons)
- Italy (1.1K tons)
- Spain (0.7K tons)
- Singapore (0.5K tons)
- Vietnam (0.5K tons)
- Turkey (0.4K tons)
- Thailand (0.4K tons)
- Netherlands (0.3K tons)
- Mexico (0.3K tons)
- Hong Kong SAR (0.3K tons)
Stainless Steel Wire Imports in South Korea
For the third consecutive year, South Korea recorded decline in overseas purchases of stainless steel wire, which decreased by 0% to 9.9K tons in 2022. Overall, imports faced a sharp contraction. The smallest decline of -38% was in 2020.
In value terms, stainless steel wire imports totaled $32M in 2022. Over the period under review, imports faced a dramatic setback. The smallest decline of -18.5% was in 2020.
| Import of Stainless Steel Wire in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 36.4 | 31.0 | N/A | 18.0 | -20.9% |
| Japan | 13.1 | 12.1 | N/A | 5.0 | -27.5% |
| India | 11.8 | 7.4 | N/A | 3.3 | -34.6% |
| Vietnam | 9.1 | 7.9 | N/A | 2.9 | -31.7% |
| Indonesia | 0.1 | N/A | N/A | 0.9 | 108.0% |
| Taiwan (Chinese) | 3.9 | 1.8 | N/A | 0.7 | -43.6% |
| Others | 4.9 | 4.4 | N/A | 1.5 | -32.6% |
| Total | 79.4 | 64.7 | N/A | 32.4 | -25.8% |
Top Suppliers of Stainless Steel Wire to South Korea in 2022:
- China (6.4K tons)
- India (0.9K tons)
- Vietnam (0.9K tons)
- Indonesia (0.5K tons)
- Japan (0.3K tons)
- Taiwan (Chinese) (0.2K tons)
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