In 2022, chromium prices are forecast to surge on rising energy costs, while global metal production has not fully recovered from the Covid-crisis.
LOS ANGELES, Feb. 24, 2022 (GLOBE NEWSWIRE) -- In 2022, chromium prices are projected to soar driven by rising energy costs, while the world's metal output has not reached the pre-pandemic level, a new report published by IndexBox reveals. In 2021, chromium ore production rose by 9% y/y to 41M tonnes due to the market recovery from the pandemic. The leading chromium ore manufacturer, South Africa, increased its output by 36% y/y to 18M tonnes last year. In 2020, global chromium ore production dropped by 27% y/y to 37M tonnes.
China remains the leading ferrochromium- and stainless-steel-producing country. Stricter environmental standards in China could affect electrical-energy intensive ferrochromium production, resulting in the alloy output reduction or production price increases, which may hamper the chromium market growth.
In November 2021, the U.S. chromium metal (99% Cr) price was $5.65 per pound ($12,456 per tonne), 93% more than in November 2020. Rising energy commodity costs are expected to further push chromium prices in 2022.
In 2021, the amount of chromium ores and concentrates imported worldwide skyrocketed to 27M tonnes, rising by 35% against the previous year's figure. In value terms, supplies surged to $3.4B.
China (15M tonnes) represented the main importer of chromium ores and concentrates, creating 56% of total volume. Mozambique (4.7M tonnes) held the second position in the ranking, followed by the Philippines (4M tonnes). All these countries together took approx. 32% share of total imports. The following importers - South Africa (565K tonnes) and Turkey (536K tonnes) - each finished at a 4.1% share of total supplies.
In value terms, China ($2.3B) constitutes the largest market for imported chromium ores and concentrates worldwide, comprising 70% of global purchases. The second position in the ranking was occupied by Mozambique ($480M), with a 14% share of total supplies. It was followed by Turkey, with a 3% share.
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
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Companies Mentioned in the Report
Eurasian Resources Group, Voskhod Chrome, Yildirim Group, Tata Steel, Outokumpu, Albchrome, AK Steel Holding Corp., North American Stainless Co., Allegheny Technologies Inc., Acerinox S.A., Tsingshan Holding Group, Companhia de Ferro Ligas da Bahia, Inner Mongolia Guangda Metallurgy, Huay Alloy, Jiuquan Iron and Steel Group Co., Yulin Zhongjin Metal, Yongxing Special Stainless Steel Co., Mannesmann Stainless Tubes GmbH, Indian Metal & Ferroalloys Ltd., Visa Steel Ltd., Afarak Group Plc, Eastern Platinum Ltd., ChromTech Holdings (Pty) Ltd Anglo American Platinum Ltd., Bauba Platinum Ltd., Balasore Alloys Ltd., Zimbabwe Mining and Smelting Co.
World - Chromium Ores and Concentrates - Market Analysis, Forecast, Size, Trends And Insights
World - Chromium - Market Analysis, Forecast, Size, Trends and Insights
World - Ferro-Chromium - Market Analysis, Forecast, Size, Trends and Insights
World - Chromium, Manganese, Lead and Copper Oxides and Hydroxides - Market Analysis, Forecast, Size, Trends and Insights
World - Ferro-Alloys - Market Analysis, Forecast, Size, Trends and Insights
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