Oman: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in Oman

The Omani chromium ore and concentrate market dropped remarkably to $X in 2022, reducing by -32.3% against the previous year. In general, consumption continues to indicate a mild reduction. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Chromium Ores and Concentrates in Oman

In value terms, chromium ore and concentrate production fell to $X in 2022 estimated in export price. In general, production showed a pronounced downturn. The growth pace was the most rapid in 2017 with an increase of 64%. Chromium ore and concentrate production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Chromium Ores and Concentrates

Exports from Oman

After two years of decline, overseas shipments of chromium ores and concentrates increased by 32% to X tons in 2022. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 185% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, chromium ore and concentrate exports surged to $X in 2022. Overall, exports, however, continue to indicate a perceptible setback. The pace of growth was the most pronounced in 2013 with an increase of 167% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for chromium ore and concentrate exports from Oman, accounting for a 87% share of total exports. Moreover, chromium ore and concentrate exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China stood at +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-5.0% per year) and India (-12.4% per year).

In value terms, China ($X) remains the key foreign market for chromium ores and concentrates exports from Oman, comprising 84% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 3.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-7.6% per year) and India (-13.9% per year).

Export Prices by Country

In 2022, the average chromium ore and concentrate export price amounted to $X per ton, shrinking by -11.1% against the previous year. In general, the export price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2021 an increase of 22%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-1.7%), while the prices for the other major destinations experienced a decline.

Imports of Chromium Ores and Concentrates

Imports into Oman

Chromium ore and concentrate imports into Oman fell dramatically to X tons in 2022, waning by -30.4% compared with the year before. Over the period under review, imports, however, saw significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 828%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, chromium ore and concentrate imports plummeted to $X in 2022. Overall, imports, however, saw significant growth. The growth pace was the most rapid in 2015 with an increase of 585% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

South Africa (X tons) and Turkey (X tons) were the main suppliers of chromium ore and concentrate imports to Oman.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +93.1%).

In value terms, South Africa ($X) and Turkey ($X) constituted the largest chromium ore and concentrate suppliers to Oman.

Turkey, with a CAGR of +100.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average chromium ore and concentrate import price stood at $X per ton in 2022, which is down by -2.7% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 +7.6% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of 76% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for South Africa stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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