Key Market Indicators
Korean Iron Ore Imports are projected to hit $5.4 billion by 2028, a slight increase from the $5.38 billion recorded in 2023, reflecting a modest annual growth rate of 0.1%. However, since 1993, Korean demand has experienced a yearly decline of 0.1%. In 2023, South Korea was ranked third in global iron ore imports, with Japan surpassing it, also registering imports of $5.38 billion. Japan, South Korea, and Germany occupied the second, third, and fourth positions, respectively, in the global ranking. On the export front, Korean Iron Ore saw a significant rise, reaching $154,000 in 2018, up from $57,000 in 2017, marking a 170% increase year-over-year. Despite this surge, Korean iron ore supply has seen a substantial yearly decrease of 59.7% since 2000.
