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

Published: Feb 14, 2025 13:20

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[SMM Analysis: Cumulative South African Chrome Ore Exports Exceed 20 Million mt in 2024, Ore Prices Rebound Amid Renewed Buying Interest] In December 2024, South African chrome ore exports totaled 1.4416 million mt, down 279,700 mt MoM (a decrease of 16.25%) and down 89,900 mt YoY (a decrease of 5.87%). In October, South Africa exported 98.7 mt of chrome ore to China, up 102,300 mt MoM (an increase of 11.57%) and up 210,000 mt YoY (an increase of 27.02%). Cumulative South African chrome ore exports in 2024 reached 20.5574 million mt, up 2.7659 million mt YoY (an increase of 15.55%) compared to 2023...

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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