South African chrome ore exports slightly declined, but strong demand and high prices maintained market interest [SMM Analysis]

Published: Jun 13, 2024 18:05

Source: SMM

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In April 2024, South Africa's chrome ore exports were 1.7448 million mt, down 44,900 mt MoM (-2.51% MoM) but up 541,300 mt YoY (+44.98% YoY).

In April 2024, South Africa's chrome ore exports were 1.7448 million mt, down 44,900 mt MoM (-2.51% MoM) but up 541,300 mt YoY (+44.98% YoY). In April, South Africa exported 865,800 mt of chrome ore to China, down 80,400 mt MoM (-8.5% MoM) but up 326,200 mt YoY (+60.44% YoY).

According to SMM, although South Africa's chrome ore exports in April dipped MoM, the high operating rates of domestic high-carbon ferrochrome producers still drove strong demand for chrome ore. Moreover, the high prices kept South Africa's chrome ore exports at a high level. While South Africa's chrome ore exports continued to increase, the commissioning of new high-carbon ferrochrome production lines in Indonesia diverted some resources, which, combined with the substantial increase in domestic high-carbon ferrochrome output, further intensified the consumption of chrome ore, resulting in decreased domestic chrome ore inventory and further price increases. According to SMM, as South Africa's chrome ore shipments in May increased, domestic chrome ore supply is expected to improve. Despite strong domestic demand, chrome ore prices are expected to have limited upward room amid low profits of producers.

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