Republic of Korea: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Republic of Korea

In 2022, the South Korean market for precious metal ores and concentrates increased by X% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate a pronounced descent. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Precious Metal Ores And Concentrates in Republic of Korea

In value terms, precious metal ore and concentrate production stood at $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume decreased by X% against the previous year. Precious metal ore and concentrate production peaked in 2022 and is expected to retain growth in the immediate term.

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Exports of Precious Metal Ores And Concentrates

Exports from Republic of Korea

In 2022, overseas shipments of precious metal ores and concentrates increased by X% to X tons, rising for the third consecutive year after two years of decline. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2017 with an increase of X,848% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate exports soared to $X in 2022. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X,344%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from South Korea, accounting for a X% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Japan (X% per year).

In value terms, the United Arab Emirates ($X), China ($X) and Japan ($X) appeared to be the largest markets for precious metal ore and concentrate exported from South Korea worldwide, together comprising X% of total exports.

Japan, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, increasing by X% against the previous year. Overall, the export price posted a significant increase. The pace of growth was the most pronounced in 2019 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to China ($X 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 China (X%).

Imports of Precious Metal Ores And Concentrates

Imports into Republic of Korea

In 2022, supplies from abroad of precious metal ores and concentrates increased by X% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports shrank to $X in 2022. In general, imports, however, continue to indicate a pronounced contraction. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Mexico (X tons), Uruguay (X tons) and Peru (X tons) were the main suppliers of precious metal ore and concentrate imports to South Korea, with a combined X% share of total imports. Papua New Guinea, Argentina, Bolivia, Brazil and Chile lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bolivia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Uruguay ($X), Papua New Guinea ($X) and Mexico ($X) constituted the largest precious metal ore and concentrate suppliers to South Korea, together accounting for X% of total imports. Peru, Argentina, Bolivia, Brazil and Chile lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Bolivia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Papua New Guinea ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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