United Kingdom: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in the UK

In 2022, the UK chromium ore and concentrate market increased by 40% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a pronounced slump. Chromium ore and concentrate consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Chromium Ores and Concentrates

Exports from the UK

In 2022, overseas shipments of chromium ores and concentrates were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed a remarkable increase. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, chromium ore and concentrate exports skyrocketed to $X in 2022. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,639%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for chromium ore and concentrate exports from the UK, accounting for a 62% share of total exports. Moreover, chromium ore and concentrate exports to South Korea exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by Ireland (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea stood at +36.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-5.2% per year) and Ireland (+41.3% per year).

In value terms, South Korea ($X) emerged as the key foreign market for chromium ores and concentrates exports from the UK, comprising 84% of total exports. The second position in the ranking was held by Germany ($X), with a 10% share of total exports. It was followed by Ireland, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +48.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.3% per year) and Ireland (+52.0% per year).

Export Prices by Country

In 2022, the average chromium ore and concentrate export price amounted to $X per ton, which is down by -67% against the previous year. In general, the export price, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 an increase of 665% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Italy ($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 Greece (+87.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Chromium Ores and Concentrates

Imports into the UK

In 2022, purchases abroad of chromium ores and concentrates was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 42%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, chromium ore and concentrate imports soared to $X in 2022. In general, imports, however, continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2018 with an increase of 74% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons) constituted the largest supplier of chromium ore and concentrate to the UK, accounting for a 90% share of total imports. Moreover, chromium ore and concentrate imports from South Africa exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from South Africa totaled +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-16.4% per year) and Germany (-22.5% per year).

In value terms, South Africa ($X) constituted the largest supplier of chromium ores and concentrates to the UK, comprising 85% of total imports. The second position in the ranking was held by Germany ($X), with a 3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from South Africa totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-20.8% per year) and the Netherlands (-20.3% per year).

Import Prices by Country

The average chromium ore and concentrate import price stood at $X per ton in 2022, increasing by 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 30% 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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