Latin America and the Caribbean: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in Latin America and the Caribbean

The Latin American chromium ore and concentrate market dropped to $X in 2022, falling by -10.6% against the previous year. Over the period under review, consumption, however, recorded a deep contraction. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Chromium Ores and Concentrates in Latin America and the Caribbean

In value terms, chromium ore and concentrate production stood at $X in 2022 estimated in export price. Overall, production showed a deep reduction. The pace of growth appeared the most rapid in 2014 when the production volume increased by 58%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Chromium Ores and Concentrates

Exports in Latin America and the Caribbean

In 2022, chromium ore and concentrate exports in Latin America and the Caribbean fell rapidly to X tons, waning by -90.6% compared with the previous year. In general, exports faced a dramatic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 4,414%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, chromium ore and concentrate exports fell markedly to $X in 2022. Overall, exports showed a abrupt setback. The pace of growth was the most pronounced in 2016 with an increase of 1,875%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cuba (X tons), distantly followed by Brazil (X tons), Chile (X tons) and Argentina (X tons) were the major exporters of chromium ores and concentrates, together constituting 95% of total exports. Ecuador (X tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +26.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest chromium ore and concentrate supplying countries in Latin America and the Caribbean were Brazil ($X), Cuba ($X) and Chile ($X), with a combined 91% share of total exports. Argentina and Ecuador lagged somewhat behind, together comprising a further 5.8%.

In terms of the main exporting countries, Argentina, with a CAGR of +15.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 242% against the previous year. Overall, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 257% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+18.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Chromium Ores and Concentrates

Imports in Latin America and the Caribbean

Chromium ore and concentrate imports plummeted to X tons in 2022, waning by -19.4% on 2021. Overall, imports faced a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 46% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, chromium ore and concentrate imports fell to $X in 2022. Over the period under review, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 56% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) and Cayman Islands (X tons) were the largest importers of chromium ores and concentrates in Latin America and the Caribbean, together constituting 62% of total imports. It was distantly followed by Chile (X tons), Mexico (X tons), Peru (X tons) and Argentina (X tons), together generating a 34% share of total imports. Colombia (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of -0.5%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Brazil ($X) constitutes the largest market for imported chromium ores and concentrates in Latin America and the Caribbean, comprising 37% of total imports. The second position in the ranking was held by Chile ($X), with a 16% share of total imports. It was followed by Mexico, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Brazil totaled -6.5%. In the other countries, the average annual rates were as follows: Chile (-3.4% per year) and Mexico (-5.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 11% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chromium ore and concentrate import price increased by +18.9% against 2020 indices. The growth pace was the most rapid in 2017 when the import price increased by 77%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Cayman Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+7.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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