SwapX Weekly Report 13/12/2021
Chrome Ore market prices, insights by origin on the 13 December 2021.
CHROME MARKET ANALYSIS
The Chrome Ore index price ticked up for a third consecutive week on December 7th 2021, at $170 per tonne (Cr203 40-42%), primarily due to historically low levels of ferro-chrome output and a renewed concern over the shipment of material due to the Omicron COVID-19 variant. In addition to this, Chrome Ore sales at current prices decreased by 32% year-on-year in October 2021.
Mining production in South Africa increased by 2,1% year-on-year in October 2021, with Chrome Ore the most significant contributor increasing 28,7% year-on-year in the volume of mining production.
The global commodities boom of 2021 saved South Africa’s economy from further decline by adding additional tax revenue for the country’s public finances. However, reliance on mining production tax revenue is not a sustainable long-term trend for the South African Treasury.
(Report by W. Kieser)