WEEKLY REPORT
Chrome Ore market prices, insights by origin on the 06 February 2022.
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CHROME MARKET ANALYSIS
SARS trade statistics released for December 2021, reported a decrease of 4% in exports between November and December 2021. The top five countries receiving South African exports were: United States (11,4%); China (8,8%); Germany (8.2%); United Kingdom (5,8%) and Japan (5,5%). In the week of the 25th of January 2022, strong demand, and limited availability of South African Chrome Ore to China pushed prices up by more than 6%.
By 2030, China is predicted to surpass the US as the world’s largest economy by GDP. For now, China has just surpassed the European Union with GDP for 2021 reported at $17.7 trillion to the EU’s $17 trillion. Most of China’s economic growth for 2021 was due to industrial output and exports.
The IMF expects global GDP to expand by 5% in 2022. Economic think tank Capital Economics is less optimistic predicting a growth rate closer to 4%.
(Report by W. Kieser)
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