Price for Hot-Rolled Wire Rod in Coils in South Korea - 2022
Contents:
- Price for Hot-Rolled Wire Rod in Coils in South Korea (CIF) - 2022
- Price for Hot-Rolled Wire Rod in Coils in South Korea (FOB) - 2022
- Imports of Hot-Rolled Wire Rod in Coils in South Korea
- Exports of Hot-Rolled Wire Rod in Coils in South Korea
Price for Hot-Rolled Wire Rod in Coils in South Korea (CIF) - 2022
The average import price for hot-rolled wire rods in coils stood at $888 per ton in December 2022, rising by 4.8% against the previous month. Overall, the import price, however, saw a noticeable slump. The growth pace was the most rapid in May 2022 when the average import price increased by 6% m-o-m. The import price peaked at $1,200 per ton in December 2021; however, from January 2022 to December 2022, import prices stood at a somewhat 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 Taiwan (Chinese) ($1,915 per ton), while the price for Vietnam ($576 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 Indonesia (+0.7%), while the prices for the other major suppliers experienced a decline.
Price for Hot-Rolled Wire Rod in Coils in South Korea (FOB) - 2022
In December 2022, the average export price for hot-rolled wire rods in coils amounted to $928 per ton, falling by -22.5% against the previous month. Over the period under review, the export price showed a mild reduction. The pace of growth was the most pronounced in September 2022 when the average export price increased by 30% m-o-m. Over the period under review, the average export prices hit record highs at $1,465 per ton in October 2022; however, from November 2022 to December 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was China ($1,880 per ton), while the average price for exports to Australia ($736 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 Malaysia (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Hot-Rolled Wire Rod in Coils in South Korea
In 2022, the amount of hot-rolled wire rods in coils imported into South Korea skyrocketed to 885K tons, with an increase of 19% on the year before. In general, imports recorded strong growth. The growth pace was the most rapid in 2021 when imports increased by 69% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, hot-rolled wire rod in coils imports soared to $879M in 2022. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 105% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.
| Import of Hot-Rolled Wire Rod in Coils in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 214 | 130 | 262 | 328 | 15.3% |
| Japan | 184 | 144 | 201 | 275 | 14.3% |
| Taiwan (Chinese) | 54.7 | 57.1 | 64.4 | 92.4 | 19.1% |
| Vietnam | 1.7 | 0.2 | 41.9 | 62.1 | 231.8% |
| Malaysia | 2.7 | 12.4 | 50.1 | 52.4 | 168.7% |
| Indonesia | N/A | N/A | 31.5 | 34.6 | 9.8% |
| India | 0.9 | 0.8 | 66.9 | 8.7 | 113.0% |
| Others | 25.1 | 15.6 | 18.9 | 25.6 | 0.7% |
| Total | 483 | 360 | 737 | 879 | 22.1% |
Top Suppliers of Hot-Rolled Wire Rod in Coils to South Korea in 2022:
- China (414.2K tons)
- Japan (206.0K tons)
- Vietnam (79.3K tons)
- Malaysia (70.8K tons)
- Indonesia (46.3K tons)
- Taiwan (Chinese) (45.0K tons)
- India (8.8K tons)
Exports of Hot-Rolled Wire Rod in Coils in South Korea
For the third year in a row, South Korea recorded decline in shipments abroad of hot-rolled wire rods in coils, which decreased by -21.3% to 520K tons in 2022. In general, exports faced a abrupt contraction. The smallest decline of -6.4% was in 2020.
In value terms, hot-rolled wire rod in coils exports contracted to $563M in 2022. Over the period under review, exports recorded a perceptible decline. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. As a result, the exports reached the peak of $627M, and then shrank in the following year.
| Export of Hot-Rolled Wire Rod in Coils in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 75.1 | 89.8 | 87.2 | 120 | 16.9% |
| Vietnam | 141 | 71.2 | 126 | 114 | -6.8% |
| Malaysia | 85.5 | 56.0 | 66.9 | 61.3 | -10.5% |
| Thailand | 50.7 | 59.3 | 46.9 | 41.7 | -6.3% |
| Taiwan (Chinese) | 48.4 | 51.7 | 64.0 | 33.9 | -11.2% |
| United States | 17.1 | 16.1 | 55.1 | 33.5 | 25.1% |
| China | 43.2 | 36.9 | 45.1 | 27.8 | -13.7% |
| Indonesia | 12.2 | 11.4 | 26.7 | 20.3 | 18.5% |
| India | 46.2 | 22.3 | 28.6 | 15.6 | -30.4% |
| Hungary | N/A | N/A | 11.5 | 13.7 | 19.1% |
| Slovenia | 18.3 | 10.7 | 11.5 | 12.2 | -12.6% |
| Turkey | 15.1 | 8.9 | 7.1 | 11.5 | -8.7% |
| Mexico | 6.4 | 3.3 | 5.4 | 8.8 | 11.2% |
| Others | 50.6 | 47.3 | 45.0 | 49.3 | -0.9% |
| Total | 610 | 485 | 627 | 563 | -2.6% |
Top Export Markets for Hot-Rolled Wire Rod in Coils from South Korea in 2022:
- Japan (124.3K tons)
- Vietnam (109.0K tons)
- Malaysia (69.5K tons)
- United States (35.6K tons)
- Thailand (35.1K tons)
- Taiwan (Chinese) (30.9K tons)
- Indonesia (20.1K tons)
- China (15.0K tons)
- Hungary (14.4K tons)
- Slovenia (13.6K tons)
- Turkey (10.5K tons)
- India (9.9K tons)
- Mexico (8.8K tons)
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