In 2024, South African Chrome Ore Cumulative Exports Exceed 20 Million Mt; Ore Prices Rebound Sharply with Buying Interest Returning [SMM Analysis]

SMM, December 6:

In December 2024, South Africa's chrome ore exports totaled 1.4416 million mt, down 279,700 mt MoM (16.25%) and down 89,900 mt YoY (5.87%). In October, South Africa exported 98.7 mt of chrome ore to China, up 102,300 mt MoM (11.57%) and up 210,000 mt YoY (27.02%). Cumulative chrome ore exports from South Africa in 2024 reached 20.5574 million mt, up 2.7659 million mt YoY (15.55%).

According to SMM, South Africa's chrome ore exports in December declined due to factors such as local holidays, strike-related turmoil, and low domestic chrome ore prices. However, it is noteworthy that South Africa's cumulative chrome ore exports for 2024 exceeded 20 million mt, reaching a historical high. Recently, domestic chrome ore prices have bottomed out and rebounded. Earlier, the market saw insufficient futures transactions, leading to an excessive drop in ore prices. After the holiday, buying enthusiasm surged, driving chrome ore prices to rise rapidly. Recent quotes for South African 40-42% chrome concentrate have exceeded $250/mt. Nevertheless, the fundamentals of ferrochrome and chrome ore have not undergone substantial changes, and this price increase mainly reflects the early realization of market expectations for favorable conditions. Whether chrome ore can maintain its strength in the future will depend on the production schedule and consumption of stainless steel.