Eastern Asia: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in Eastern Asia

In 2022, the East Asian chromium ore and concentrate market increased by 19% to $X, rising for the second year in a row after three years of decline. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +45.7% against 2020 indices. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Chromium Ores and Concentrates in Eastern Asia

In value terms, chromium ore and concentrate production declined to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 60%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Chromium Ores and Concentrates

Exports in Eastern Asia

After two years of decline, overseas shipments of chromium ores and concentrates increased by 53% to X tons in 2022. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 942%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, chromium ore and concentrate exports soared to $X in 2022. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 859%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

The shipments of the one major exporters of chromium ores and concentrates, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the chromium ores and concentrates exports, with a CAGR of +29.2% from 2012 to 2022. China (+24 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest chromium ore and concentrate supplier in Eastern Asia.

In China, chromium ore and concentrate exports increased at an average annual rate of +31.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, shrinking by -7.4% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 62%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +1.7% per year.

Imports of Chromium Ores and Concentrates

Imports in Eastern Asia

In 2022, the amount of chromium ores and concentrates imported in Eastern Asia contracted to X tons, declining by -3.8% compared with 2021 figures. Total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 -6.8% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by 68% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chromium ore and concentrate imports soared to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +69.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 106% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, China (X tons) was the main importer of chromium ores and concentrates in Eastern Asia, comprising 100% of total import.

China was also the fastest-growing in terms of the chromium ores and concentrates imports, with a CAGR of +4.9% from 2012 to 2022. China (+3.4 p.p.) significantly strengthened its position in terms of the total imports, 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 Eastern Asia.

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

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, surging by 34% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +0.7% per year.

Source: IndexBox Platform

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