According to Chinese customs statistics, in June 2024, China's chrome ore imports reached 1.8449 million mt, up 33,200 mt MoM (1.83%) and up 338,400 mt YoY (22.46%). In June, China imported 1.5167 million mt of chrome ore from South Africa. From January to June 2024, China's total chrome ore imports were 10.3544 million mt, up 2.0992 million mt YoY (25.43%).
According to SMM, domestic chrome ore imports remained high in June, with H1 2024 fine ore imports exceeding 10 million mt, and annual imports are expected to approach 20 million mt. However, in June, domestic high-carbon ferrochrome production exceeded 800,000 mt. With strong supply and demand, as of June 28, national port inventories of chrome ore remained stable at 2.6802 million mt. According to SMM global chrome ore departure data, global ferrochrome departures in June were 2.6412 million mt, and cumulative departures by July 25 were 2.2221 million mt. Although slightly down from previous highs, they remained elevated, and chrome ore supply is not expected to decline significantly in the near future. Recently, with the August high-carbon ferrochrome bidding price dropping by 100 yuan/Cr50%, ferrochrome manufacturers, already facing losses, have further reduced their acceptance of high-priced chrome ore raw materials, leading to a decline in chrome ore prices. However, the overall operating rate of ferrochrome has only slightly decreased, making it difficult for chrome ore demand to significantly reduce. Additionally, with port arrivals of chrome ore maintaining high costs until the end of September, the short-term decline in chrome ore spot prices is expected to be limited. In the medium and long-term, the issue of ferrochrome oversupply has not been resolved, and ore prices to some extent depend on the current high production of ferrochrome. For the domestic market, the oversupply of chrome elements means that chrome ore prices still face the risk of decline.
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