South Africa's High-Carbon Ferrochrome Exports Slip Slightly in June, China Remains Leading Destination

[SMM Express] Recent developments across South Africa's Bushveld Complex indicate that operational optimization, rather than new mine development, is becoming an increasingly important driver of chrome production growth. As producers seek to maximize value from existing UG2 ore bodies, investments are increasingly focused on improving mining efficiencies, processing performance and chromite recovery to increase chrome output while strengthening overall project economics. Northam Platinum recently achieved a record 1.69 million mt of chrome concentrate production in FY2026, supported by higher UG2 throughput, expanded mining crews and processing improvements at its Eland mine. Similarly, Sibanye-Stillwater has outlined plans to increase chrome production to approximately 2.3 million mt/y by 2033 through optimization of its existing operations, while Southern Palladium's Bengwenyama Definitive Feasibility Study increased projected chrome concentrate output to more than 1.05 million mt/y after improving chromite recovery from 30% to 85.6%. SMM believes these developments highlight a broader industry trend in which producers are unlocking additional chrome supply through operational and metallurgical improvements, positioning chrome as an increasingly important contributor to earnings and long-term project value amid continued pressure on PGM markets.

[SMM Express] South Africa's total chrome ore exports reached 2,403.95kt in June 2026, slipping 0.74% month-on-month but still up sharply by 38.86% year-on-year. The marginal monthly pullback suggests export volumes are levelling off after a period of strong growth, even as the scale of the annual gain confirms that underlying external demand for South African chrome ore remains robust. China remained the dominant destination, absorbing 67.61% of June's total export volume, underscoring how concentrated South Africa's chrome ore trade continues to be around Chinese ferrochrome demand. Singapore and the UAE followed as the second- and third-largest destinations, at 7.85% and 7.82% respectively, together accounting for a modest but notable share outside the core China-linked trade flow.

[SMM PGM Flash: Valterra Platinum Releases Impressive Semi-Annual Report] South African PGM producer Valterra Platinum disclosed its H1 2026 performance, with revenue surging 93% YoY to 82 billion South African rand; core EPS soared 1,633% YoY, and EBITDA grew 404%. The company turned from a net debt position last year to net cash of 23.7 billion rand, and declared an interim dividend of 15 billion rand. The improved profitability mainly benefited from the recovery of PGM prices, higher refined output, and cost control. Its CEO Craig Miller also provided an outlook: The AI industry will continue to create incremental PGM demand, with current AI-related annual PGM consumption around 200,000–400,000 ounces, and is expected to grow up to fivefold by 2030. Going forward, the company will partner with Johnson Matthey, Umicore, Pujing Chemical, and others to jointly expand new PGM industrial applications.