South Korea Metals Tenders

Booming Growth: South Korea's metals and non-metals market is booming, fueled by strong demand from its key industries like electronics, shipbuilding, and construction. The market is expected to reach $241.90 billion by 2028, growing at a CAGR of 4.63%.
Critical Metals: The government is actively increasing stockpiles of critical metals like cobalt, nickel, and rare earths, aiming for a 100-day supply cushion. This initiative is driven by the rising demand for these metals in electric vehicles, renewable energy, and other emerging technologies.

Securing Resources: South Korea heavily relies on government procurement to secure its metals and non-metals supply. This ensures steady access to these critical materials for its industries and infrastructure projects.
Diversification: The government actively diversifies its procurement sources to avoid dependence on any single country. This strategy helps mitigate risks associated with supply chain disruptions and price fluctuations.

Main Metals and Non-Metals Products and Services Procured
Essential Materials: The government primarily procures a range of essential metals and non-metals like steel, aluminum, copper, nickel, cobalt, rare earths, and construction materials.
Supporting Services: Additionally, the government procures services related to mining exploration, processing, refining, and transportation of these materials.

Top Authorities for South Korea Metals and Non-Metals Procurement
Ministry of Trade, Industry and Energy: This ministry spearheads the government's efforts in metals and non-metals procurement, setting policies and strategies to secure stable supply chains.
Korea Resources Corporation (KORES): This state-owned company plays a crucial role in managing the government's metals and non-metals stockpiles and oversees procurement activities.

Top Winners of South Korea Metals and Non-Metals Procurement
Domestic giants: South Korean companies like POSCO, Hyundai Steel, and LG Chem are major players in the metals and non-metals market, often winning government procurement contracts.
Global players: International companies like BHP, Rio Tinto, and Glencore also compete for government contracts, supplying the country with essential resources.
Small and medium enterprises (SMEs): The government also encourages participation from SMEs in the procurement process, promoting a vibrant and diverse supplier base.

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