Mexico: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Mexico

In 2022, the Mexican ferro-chromium market increased by 60% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption recorded mild growth. Ferro-chromium consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Ferro-Chromium Exports

Exports from Mexico

Ferro-chromium exports from Mexico declined notably to X tons in 2022, dropping by -18% against the previous year's figure. Overall, exports recorded a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 180% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, ferro-chromium exports contracted sharply to $X in 2022. Over the period under review, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 99% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Brazil (X tons) was the main destination for ferro-chromium exports from Mexico, accounting for a 3.6% share of total exports. Moreover, ferro-chromium exports to Brazil exceeded the volume sent to the second major destination, the Netherlands (X tons), sixfold. Canada (X kg) ranked third in terms of total exports with a 0.3% share.

From 2012 to 2022, the average annual growth rate of volume to Brazil stood at -15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-35.3% per year) and Canada (-29.2% per year).

In value terms, Brazil ($X) emerged as the key foreign market for ferro-chromium exports from Mexico, comprising 1.3% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 0.4% share of total exports. It was followed by Canada, with a 0.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Brazil totaled -22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-39.6% per year) and Canada (-33.0% per year).

Export Prices by Country

The average ferro-chromium export price stood at $X per ton in 2022, dropping by -3.4% against the previous year. Overall, the export price continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 25%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Brazil ($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 the United States (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into Mexico

In 2022, purchases abroad of ferro-chromium increased by 11% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 88% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ferro-chromium imports skyrocketed to $X in 2022. Overall, imports recorded a notable expansion. The pace of growth was the most pronounced in 2021 with an increase of 128%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, India (X tons) constituted the largest ferro-chromium supplier to Mexico, accounting for a 45% share of total imports. Moreover, ferro-chromium imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The third position in this ranking was held by China (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+18.4% per year) and China (+15.8% per year).

In value terms, India ($X) constituted the largest supplier of ferro-chromium to Mexico, comprising 41% of total imports. The second position in the ranking was held by Turkey ($X), with a 19% share of total imports. It was followed by China, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from India amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+22.1% per year) and China (+19.6% per year).

Import Prices by Country

The average ferro-chromium import price stood at $X per ton in 2022, rising by 87% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +126.4% 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 Kazakhstan ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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