China: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in China

The Chinese ferro-chromium market surged to $X in 2023, with an increase of X% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Ferro-Chromium Production in China

In value terms, ferro-chromium production totaled $X in 2023 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2023, production stood at a somewhat lower figure.

Ferro-Chromium Exports

Exports from China

In 2023, after three years of growth, there was significant decline in overseas shipments of ferro-chromium, when their volume decreased by X% to X tons. Overall, exports, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. The exports peaked at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, ferro-chromium exports declined to $X in 2023. In general, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2022, and then contracted in the following year.

Exports by Country

Indonesia (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main destinations of ferro-chromium exports from China, with a combined X% share of total exports. India, the Netherlands, Japan, Russia, Spain, Italy, Mexico, South Africa, Brazil and Turkey lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Russia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ferro-chromium exported from China were Indonesia ($X), South Korea ($X) and the Netherlands ($X), with a combined X% share of total exports. Taiwan (Chinese), Japan, India, Russia, Italy, Spain, Mexico, South Africa, Turkey and Brazil lagged somewhat behind, together comprising a further X%.

Russia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average ferro-chromium export price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-chromium export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into China

In 2023, after two years of decline, there was significant growth in overseas purchases of ferro-chromium, when their volume increased by X% to X tons. Overall, total imports indicated a strong increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, ferro-chromium imports soared to $X in 2023. In general, total imports indicated a buoyant expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2023, South Africa (X tons) constituted the largest ferro-chromium supplier to China, accounting for a X% share of total imports. Moreover, ferro-chromium imports from South Africa exceeded the figures recorded by the second-largest supplier, Kazakhstan (X tons), threefold. The third position in this ranking was held by India (X tons), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from South Africa totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (X% per year) and India (X% per year).

In value terms, South Africa ($X), Kazakhstan ($X) and India ($X) were the largest ferro-chromium suppliers to China, together accounting for X% of total imports. Zimbabwe lagged somewhat behind, comprising a further X%.

In terms of the main suppliers, Zimbabwe, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average ferro-chromium import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2022, and then fell in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from Kazakhstan ($X per ton) and India ($X per ton), while the price for South Africa ($X per ton) and Zimbabwe ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kazakhstan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform