SwapX Weekly Report 04/10/2021
Chrome Ore market prices, insights by origin on 03 October 2021.
CHROME MARKET ANALYSIS
The Asian Development Bank has maintained its growth forecasts for China at 8.1% for 2021 and 5.5% for 2022. Recent weak data from retail sales and factory output points towards a downturn in the country’s economy due to supply chain bottlenecks and power disruptions.
Much of China’s metal production is concentrated in regions with severe power restrictions, including Jiangsu, Hebei, Xinjiang and Yunnan, as soaring electricity demand outstrips supply. Therefore, projections are for prices in steelmaking materials to rise sharply.
SARS released trade statistics for August 2021, reported an increase of 9,7% in exports between July and August 2021; the top five countries South Africa exported are as follows:
- China (11.6%);
- Germany (8.8%);
- United States (8.8%%);
- Japan (7.6%)
- United Kingdom (6.5%).
(Report by Westlee Kieser)