Middle East: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in the Middle East

After two years of decline, the Middle Eastern chromium ore and concentrate market increased by 4.2% to $X in 2022. Over the period under review, consumption showed a prominent expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Chromium Ores and Concentrates in the Middle East

In value terms, chromium ore and concentrate production stood at $X in 2022 estimated in export price. In general, production, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 48%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Exports of Chromium Ores and Concentrates

Exports in the Middle East

In 2022, shipments abroad of chromium ores and concentrates increased by 2.1% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, saw a noticeable reduction. The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, chromium ore and concentrate exports soared to $X in 2022. In general, exports, however, saw a perceptible decrease. The growth pace was the most rapid in 2021 when exports increased by 53% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey represented the largest exporting country with an export of around X tons, which recorded 75% of total exports. Oman (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Iran (5.1%). The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate exports from Turkey stood at -4.4%. At the same time, the United Arab Emirates (+4.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +4.3% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Iran (-14.7%) illustrated a downward trend over the same period. While the share of Oman (+6.6 p.p.), Turkey (+2.2 p.p.) and the United Arab Emirates (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Iran (-10.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest chromium ore and concentrate supplier in the Middle East, comprising 85% of total exports. The second position in the ranking was held by Oman ($X), with an 8.2% share of total exports. It was followed by Iran, with a 4.6% share.

In Turkey, chromium ore and concentrate exports contracted by an average annual rate of -2.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-2.6% per year) and Iran (-16.3% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 an increase of 31%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Chromium Ores and Concentrates

Imports in the Middle East

In 2022, chromium ore and concentrate imports in the Middle East expanded notably to X tons, picking up by 8.5% compared with the previous year. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 -7.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 59%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chromium ore and concentrate imports skyrocketed to $X in 2022. Total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +42.9% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 102% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) prevails in imports structure, together making up 96% of total imports. Oman (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +32.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported chromium ores and concentrates in the Middle East, comprising 67% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at -1.3%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.2% per year) and Oman (+36.4% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, growing by 21% against the previous year. Over the period under review, the import price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the import price increased by 27% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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