Chile: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Chile

In 2022, the Chilean ferro-chromium market increased by 119% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Ferro-Chromium Production in Chile

In value terms, ferro-chromium production surged to $X in 2022 estimated in export price. Overall, production, however, faced a drastic downturn. Ferro-chromium production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Ferro-Chromium Exports

Exports from Chile

In 2022, approx. X tons of ferro-chromium were exported from Chile; picking up by 305% compared with the previous year. In general, exports showed a prominent expansion. The growth pace was the most rapid in 2021 when exports increased by 7,786%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, ferro-chromium exports soared to $X in 2022. Overall, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2021 with an increase of 4,119% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Ecuador (X tons) was the main destination for ferro-chromium exports from Chile, with a 64% share of total exports. Moreover, ferro-chromium exports to Ecuador exceeded the volume sent to the second major destination, Argentina (X tons), fourfold. Bolivia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador totaled +70.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (-1.0% per year) and Bolivia (+20.7% per year).

In value terms, Bolivia ($X) remains the key foreign market for ferro-chromium exports from Chile, comprising 49% of total exports. The second position in the ranking was held by Ecuador ($X), with a 22% share of total exports. It was followed by Argentina, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bolivia stood at +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+90.2% per year) and Argentina (+5.5% per year).

Export Prices by Country

The average ferro-chromium export price stood at $X per ton in 2022, surging by 75% against the previous year. Overall, the export price showed a noticeable increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 103% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 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 Bolivia ($X per ton), while the average price for exports to Ecuador ($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 Bolivia (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into Chile

In 2022, supplies from abroad of ferro-chromium increased by 125% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 652% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, ferro-chromium imports expanded remarkably to $X in 2022. Overall, imports, however, saw a deep contraction. The pace of growth appeared the most rapid in 2021 with an increase of 318% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Kazakhstan (X tons) constituted the largest ferro-chromium supplier to Chile, accounting for a 57% share of total imports. Moreover, ferro-chromium imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. The third position in this ranking was taken by Turkey (X tons), with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume from Kazakhstan amounted to +30.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+51.0% per year) and Turkey (-2.3% per year).

In value terms, Kazakhstan ($X) constituted the largest supplier of ferro-chromium to Chile, comprising 60% of total imports. The second position in the ranking was taken by Brazil ($X), with an 11% share of total imports. It was followed by Turkey, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value from Kazakhstan totaled +19.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+22.7% per year) and Turkey (-12.2% per year).

Import Prices by Country

In 2022, the average ferro-chromium import price amounted to $X per ton, dropping by -50.2% against the previous year. Overall, the import price recorded a deep slump. The pace of growth appeared the most rapid in 2020 when the average import price increased by 91% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 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 China ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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