Chrome Price Trend

Chrome Prices H2 2023

In the second half of 2023, the average price of chrome in China was 269 USD/MT.

Chrome Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Chrome Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of chrome pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of chrome at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of chrome price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing chrome price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Chrome Market Analysis

The expanding stainless-steel industry represents one of the key factors driving the market growth of chrome. For instance, in December 2021, according to International Stainless-Steel Forum (ISSF), a Belgium-based non-profit research organization for the stainless industry, stainless steel melt shop production climbed by 16.9% year on year to 43.0 million metric tons in the first nine months of 2021.

Moreover, the increasing automotive production is a major growth-inducing factor. Automotive production extensively uses chrome as a key alloying element in stainless steel, enhancing the corrosion resistance and durability of components, thereby ensuring the longevity and performance of critical automotive parts in diverse environmental conditions. For instance, according to reports released by the European Automobile Manufacturers Association (ACEA), in 2023, global car production hit 76 million units, a substantial 10.2% increase. The EU solidified its position as the second-largest global car producer as production reached 12.1 million units, a growth of over 11%.

Additionally, strategic partnerships are becoming increasingly popular in the chrome market. Leading companies in the industry are prioritizing the formation of strategic alliances to bolster their market position. For instance, Tata Steel Mining Limited (TSML) and Jindal Stainless Limited (JSL) signed a MoU on July 16, 2021 to jointly unearth the Chrome Ore locked up in the boundary between their mines located in Sukinda of Jajpur district, Odisha. This would help conservation of chromite ore which otherwise would have been left unmined forever. This distinctive partnership serves as a model for innovative sustainable chrome ore mining. It is a mutually beneficial arrangement for the State of Odisha, TSML, and JSL. The companies will now take steps to secure the necessary statutory approvals from the relevant authorities before commencing joint mining operations.

In addition to this, major companies in the chrome market are focusing on technological innovation, such as a cloud-based online portal, to offer convenience for their customers. For instance, Outokumpu, a prominent producer of stainless steel, which uses chromium as a key component, has introduced a digital platform to enhance customer service. This cloud-based portal provides comprehensive data on product availability, order status, and technical specifications, facilitating a seamless procurement process for their clients.

Chrome News

The report covers the latest developments, updates, and trends impacting the global chrome market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the chrome price trend.

Latest developments in the chrome industry:

• In May 2023, African Chrome Fields announced the upcoming opening of its innovative aluminothermic smelting factory in Zimbabwe. This facility is built with an investment of around USD 40 million and is set to commence operations within the next two months. The plant utilizes proprietary state-of-the-art technology that eliminates the need for external power in the reduction process of chrome ore to ferrochrome. By supporting the company's mineral beneficiation activities, the plant will serve the interests of both its South African and international customers who rely on its top-quality ferrochrome products for their stainless-steel production needs.
• In May 2023, Chile's state-owned Codelco, the world's largest copper producer, shut down its Ventanas metal smelter on the central coast. This closure follows environmental incidents in the region that negatively impacted its operations.

Product Description

Chromium, also referred to as chrome, is a steely, bright colored metal that is highly reflective and mostly used for its corrosion resisting abilities. Chrome is well known as a material that is hard wearing, has a high melting point and is used in electroplating processes to alter the hardness of metals and increase their glare. The capacity to withstand corrosion or oxidation makes it suitable for use as a protectant and cosmetic finish to auto parts, household utensils and equipment, hardware. For instance, chromium is an essential ingredient in stainless steel due to its properties that enhance the strength and polymorphism of the steel alloying element. Apart from its various roles in manufacturing processes, chrome is used in the creation of pigments and dyes since it has bright, long-lasting colors. These features confer chrome as a vital element when it comes to construction of products for commercial use as well as consumer use, as it is competent enough to withstand the test of time.

Regional Coverage

The report provides a detailed analysis of the chrome market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the chrome price trend.

Global Chrome Price

The report offers a holistic view of the global chrome pricing trends in the form of chrome price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of chrome but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed chrome demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Chrome Price

Europe's chrome pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence chrome production costs. Additionally, the region's dependency on chrome imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for chrome can also be provided for an extensive list of European countries.

North America Chrome Price

In North America, chrome prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence chrome supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific chrome historical data within the United States and Canada can also be provided.

Middle East and Africa Chrome Price

The chrome pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global chrome supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Chrome Price

In the Asia Pacific region, chrome pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of chrome, making the Asia Pacific market a complex environment for price trend analysis.

This chrome price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Chrome Price

Latin America's chrome market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in chrome prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing chrome pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of chrome pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting chrome price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The chrome price charts ensure our clients remain at the forefront of the industry.