Rare metal stockpile South Korea 2023, by type

South Korea had just 2.7 days’ worth of strontium reserves stockpiled as of May 2023. Reserves for other strategic rare metals, such as lithium, were at less than six days. The South Korean government is seeking to increase its stockpile of strategic metals as exports from other countries, such as China, tighten.

Metal imports in South Korea

South Korea relies on imports to meet the demand for certain metals. Of the rare metals, lithium was the most imported by far in 2022 in terms of value. Lithium is critical in the production of batteries, particularly in electric vehicles. As concerns about environmental pollution make traditional fossil-fuel-based cars less attractive, electric vehicles and the materials they depend on for production will become more in demand.

Metal mining in South Korea

As competition in the battery and electronics industry has grown, imports of strategic metals have become harder to secure. In response, there has been growing interest in domestic metal mining. However, given South Korea's low rate of self-sufficiency in metal and coal mining, how it will combat its overreliance on overseas resources is yet to be seen.