SwapX Weekly Report 22/03/2022
WEEKLY REPORT
Chrome Ore market prices, insights by origin on the 22 March 2022.
CHROME MARKET ANALYSIS
South Africa is still China’s most crucial chrome ore import supplier, accounting for 81% of China’s total chrome ore imports in 2020-2021. Manufacturing in stainless steel, chemicals, pigments, refractories, and foundry sand have increased the utilisation of chromium ore over recent years. Likewise, expanded market growth in the automotive industry is placing increased demand on metal alloys using chromium ore.
Mining production in South Africa increased by 0,1% year-on-year in January 2022, with Chrome Ore the most significant contributor increasing 11,6% year-on-year in the volume of mining production.
The South African Reserve Bank is likely to raise interest rates by 25 bps to 4.25% to battle inflation, which is to average 5.5% this year before easing to an average of 4.4% in 2023. Furthermore, efficiency at SA ports and rails worsens with Russia’s war on Ukraine.
(Report by W. Kieser)
