Asia: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in Asia

In 2022, the Asian chromium ore and concentrate market increased by 7.4% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +21.8% against 2020 indices. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Production of Chromium Ores and Concentrates in Asia

In value terms, chromium ore and concentrate production contracted to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 53% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Chromium Ores and Concentrates

Exports in Asia

In 2022, shipments abroad of chromium ores and concentrates increased by 1.1% to X tons, rising for the second consecutive year after three years of decline. Overall, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, chromium ore and concentrate exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a perceptible descent. The growth pace was the most rapid in 2021 with an increase of 60%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey was the key exporter of chromium ores and concentrates in Asia, with the volume of exports reaching X tons, which was near 50% of total exports in 2022. Kazakhstan (X tons) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Pakistan (14%) and Oman (11%). The following exporters - the Philippines (X tons), Iran (X tons) and the United Arab Emirates (X tons) - together made up 9% of total exports.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate exports from Turkey stood at -4.4%. At the same time, the United Arab Emirates (+4.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of +4.3% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, the Philippines (-1.9%), Pakistan (-2.8%), Kazakhstan (-10.6%) and Iran (-14.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Oman and Pakistan increased by +8.3, +5.3 and +4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest chromium ore and concentrate supplier in Asia, comprising 51% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 22% share of total exports. It was followed by Pakistan, with a 15% share.

In Turkey, chromium ore and concentrate exports contracted by an average annual rate of -2.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (-6.9% per year) and Pakistan (-1.3% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, rising by 29% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+8.9%), while the other leaders experienced more modest paces of growth.

Imports of Chromium Ores and Concentrates

Imports in Asia

In 2022, the amount of chromium ores and concentrates imported in Asia contracted to X tons, with a decrease of -3% on 2021 figures. Total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 69% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chromium ore and concentrate imports surged to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.6% against 2020 indices. The growth pace was the most rapid in 2017 when imports increased by 108%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China prevails in imports structure, recording X tons, which was approx. 92% of total imports in 2022. Indonesia (X tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Indonesia (+66.8%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +66.8% from 2012-2022. From 2012 to 2022, the share of Indonesia increased by +3.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported chromium ores and concentrates in Asia, comprising 92% of total imports. The second position in the ranking was held by Indonesia ($X), with a 3.8% share of total imports.

In China, chromium ore and concentrate imports expanded at an average annual rate of +5.6% over the period from 2012-2022.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, jumping by 33% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Indonesia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.7%).

Source: IndexBox Platform

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