Overview of the Global Market for Chromium Ores and Concentrates

Market Size for Chromium Ores and Concentrates

The global chromium ore and concentrate market dropped to $X in 2022, with a decrease of -4.1% against the previous year. In general, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +11.8% against 2020 indices. Over the period under review, the global market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Chromium Ores and Concentrates

In value terms, chromium ore and concentrate production contracted to $X in 2022 estimated in export price. Overall, production saw a pronounced descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 51% against the previous year. Global production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Chromium Ores and Concentrates

Exports

Global chromium ore and concentrate exports reduced slightly to X tons in 2022, approximately reflecting 2021. The total export volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. The global exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, chromium ore and concentrate exports soared to $X in 2022. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.3% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by 53%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

South Africa prevails in exports structure, resulting at X tons, which was approx. 80% of total exports in 2022. It was distantly followed by Turkey (X tons), generating a 7.7% share of total exports. The following exporters - Kazakhstan (X tons), Pakistan (X tons), Zimbabwe (X tons) and Oman (X tons) - each amounted to an 8.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate exports from South Africa stood at +9.4%. At the same time, Zimbabwe (+13.7%) displayed positive paces of growth. Moreover, Zimbabwe emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.7% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Pakistan (-2.8%), Turkey (-4.4%) and Kazakhstan (-10.6%) illustrated a downward trend over the same period. While the share of South Africa (+33 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Pakistan (-1.9 p.p.), Kazakhstan (-8.2 p.p.) and Turkey (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest chromium ore and concentrate supplier worldwide, comprising 74% of global exports. The second position in the ranking was held by Turkey ($X), with a 10% share of global exports. It was followed by Kazakhstan, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled +8.0%. In the other countries, the average annual rates were as follows: Turkey (-2.1% per year) and Kazakhstan (-6.9% per year).

Export Prices by Country

The average chromium ore and concentrate export price stood at $X per ton in 2022, rising by 21% against the previous year. Over the period under review, the export price, however, continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2017 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Kazakhstan (+4.2%), while the other global leaders experienced more modest paces of growth.

Imports of Chromium Ores and Concentrates

Imports

In 2022, approx. X tons of chromium ores and concentrates were imported worldwide; which is down by -24.9% against the year before. Over the period under review, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 -28.5% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 69% against the previous year. Over the period under review, global imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, chromium ore and concentrate imports expanded to $X in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +42.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by 101%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of global imports remained at a somewhat lower figure.

Imports by Country

China dominates imports structure, recording X tons, which was near 87% of total imports in 2022. Indonesia (X tons) and Russia (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 the world, with a CAGR of +66.8% from 2012-2022. By contrast, Russia (-10.3%) illustrated a downward trend over the same period. China (+13 p.p.) and Indonesia (+3.7 p.p.) significantly strengthened its position in terms of the global imports, while Russia saw its share reduced by -7.1% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported chromium ores and concentrates worldwide, comprising 86% of global imports. The second position in the ranking was held by Indonesia ($X), with a 3.6% share of global imports.

In China, chromium ore and concentrate imports increased at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+53.6% per year) and Russia (-11.3% per year).

Import Prices by Country

In 2022, the average chromium ore and concentrate import price amounted to $X per ton, growing by 39% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. Global import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Indonesia ($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 (+0.7%), while the other global leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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