Japan: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Japan

In 2022, the Japanese ferro-chromium market increased by 45% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ferro-Chromium Production in Japan

In value terms, ferro-chromium production fell to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2019 when the production volume increased by 15%. Ferro-chromium production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Ferro-Chromium Exports

Exports from Japan

In 2022, overseas shipments of ferro-chromium increased by 82% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 96% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, ferro-chromium exports soared to $X in 2022. Over the period under review, exports saw moderate growth. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for ferro-chromium exports from Japan, accounting for a 85% share of total exports. Moreover, ferro-chromium exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), sevenfold. South Korea (X tons) ranked third in terms of total exports with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-1.9% per year) and South Korea (-3.1% per year).

In value terms, the United States ($X) remains the key foreign market for ferro-chromium exports from Japan, comprising 84% of total exports. The second position in the ranking was taken by Australia ($X), with a 13% share of total exports. It was followed by Thailand, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+2.2% per year) and Thailand (-20.1% per year).

Export Prices by Country

In 2022, the average ferro-chromium export price amounted to $X per ton, picking up by 78% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-chromium export price increased by +134.8% against 2018 indices. 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 for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to South Korea ($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 Australia (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Ferro-Chromium Imports

Imports into Japan

In 2022, overseas purchases of ferro-chromium increased by 0.4% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, showed a mild curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 15% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ferro-chromium imports surged to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +118.5% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Kazakhstan (X tons), South Africa (X tons) and India (X tons) were the main suppliers of ferro-chromium imports to Japan, with a combined 83% share of total imports. Russia, Turkey and Finland lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +22.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X) constituted the largest supplier of ferro-chromium to Japan, comprising 47% of total imports. The second position in the ranking was held by South Africa ($X), with a 21% share of total imports. It was followed by Russia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Kazakhstan totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-3.0% per year) and Russia (+6.7% per year).

Import Prices by Country

In 2022, the average ferro-chromium import price amounted to $X per ton, rising by 83% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price 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, ferro-chromium import price increased by +89.0% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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