MERCOSUR: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in MERCOSUR

The MERCOSUR chromium ore and concentrate market reduced to $X in 2022, declining by -10.5% against the previous year. Over the period under review, consumption, however, recorded a deep setback. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Chromium Ores and Concentrates in MERCOSUR

In value terms, chromium ore and concentrate production totaled $X in 2022 estimated in export price. In general, production showed a deep downturn. The growth pace was the most rapid in 2014 when the production volume increased by 68%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Chromium Ores and Concentrates

Exports in MERCOSUR

In 2022, the amount of chromium ores and concentrates exported in MERCOSUR declined notably to X tons, reducing by -94.4% compared with the previous year. In general, exports showed a precipitous contraction. The pace of growth was the most pronounced in 2016 when exports increased by 6,917% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, chromium ore and concentrate exports contracted remarkably to $X in 2022. Over the period under review, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 2,931% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Brazil (X tons) was the largest exporter of chromium ores and concentrates, making up 51% of total exports. It was distantly followed by Chile (X tons) and Argentina (X tons), together constituting a 41% share of total exports. Ecuador (X tons) followed a long way behind the leaders.

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, Brazil ($X), Chile ($X) and Argentina ($X) constituted the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

Argentina, with a CAGR of +15.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 MERCOSUR stood at $X per ton in 2022, growing by 360% against the previous year. In general, the export price recorded resilient growth. The pace of growth was the most pronounced in 2013 an increase of 407% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in years to come.

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 MERCOSUR

Chromium ore and concentrate imports declined notably to X tons in 2022, which is down by -23.5% compared with the year before. Overall, imports saw a deep contraction. The pace of growth was the most pronounced in 2021 with an increase of 68%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, chromium ore and concentrate imports contracted to $X in 2022. Over the period under review, imports saw a drastic downturn. The growth pace was the most rapid in 2021 with an increase of 72%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brazil represented the major importing country with an import of around X tons, which resulted at 55% of total imports. It was distantly followed by Chile (X tons), Peru (X tons) and Argentina (X tons), together mixing up a 41% share of total imports. Colombia (X tons) followed a long way behind the leaders.

Imports into Brazil decreased at an average annual rate of -4.7% from 2012 to 2022. Colombia experienced a relatively flat trend pattern. Peru (-1.3%), Chile (-2.1%) and Argentina (-27.4%) illustrated a downward trend over the same period. While the share of Brazil (+29 p.p.), Chile (+12 p.p.), Peru (+8.4 p.p.) and Colombia (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Argentina (-52.4 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) constitutes the largest market for imported chromium ores and concentrates in MERCOSUR, comprising 53% of total imports. The second position in the ranking was held by Chile ($X), with a 23% share of total imports. It was followed by Peru, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at -6.5%. In the other countries, the average annual rates were as follows: Chile (-3.4% per year) and Peru (-5.0% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, rising by 19% against the previous year. Over the period under review, the import price showed a pronounced increase. The pace of growth appeared the most rapid in 2017 an increase of 78%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Chile ($X per ton) and Argentina ($X per ton), while Peru ($X per ton) and Brazil ($X per ton) were 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 a decline in the import price figures.

Source: IndexBox Platform