Chromium Price Trend

Chromium Prices H2 2023

In the second half of 2023, the average price of chromium in the United States was 12161 USD/MT. Similarly, in China, the average prices hit 8850 USD/MT.

Chromium Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Chromium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of chromium 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 chromium at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of chromium price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing chromium 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.

Chromium Market Analysis

The global chromium market size reached 41 million tons in 2023. By 2032, IMARC Group expects the market to reach 46.9 million tons, at a projected CAGR of 1.50% during 2023-2032.

In the global chromium industry, the automotive and aerospace sectors are regarded as the primary drivers of growth. According to the World Steel Association, Asia produced 1,367.2 million tons of crude steel in 2023, an increase of 0.7% compared to 2022. Chromium is required in the production of stainless steel, which is abundantly utilized in vehicle parts because of its strength and resistance to corrosion. Chromium also finds extensive applications in the aerospace industry due to its high temperature tolerance and ability to withstand harsh conditions. According to the China Association of Automobile Manufacturers (CAAM), with a total vehicle production of 27 million units in 2022, China has the most significant automotive production base in the world, registering an increase of 3.4 % compared to 2021. Nevertheless, the use of chrome in these industries is improving with ongoing development, and as new sectors like electric vehicle manufacturers and airlines emerge, chromium usage is expected to rise significantly in the future. In China, the primary focus is on boosting the production and sales of electric vehicles. The country aims to produce 7 million electric vehicles annually by 2025. Additionally, by 2025, the goal is for electric vehicles to account for 20% of all new vehicle production in China. Moreover, within China, EV sales have increased from 16% of the domestic car market in 2021, to 29% or 6.9 million vehicles, in 2022. The market is segmented into battery-electric and plug-in hybrid electric vehicles. Battery EVs (BEVs) made up nearly 77.9% of the sales in 2022. Moreover, there was a remarkable 151.9% YoY surge in plug-in hybrid EV (PHEV) sales. Currently, the demand for chromium in these industries is bolstered by its crucial role in developing new materials with low density, high-strength alloys, and coatings, which enhance fuel efficiency and reduce emissions. The advent of better metallurgical technology and the discovery of new chromium-containing alloys have expanded its applications across various industries. Chromium, as a component of ferrous alloys, improves the physical properties of steel and other alloys by enhancing hardness, toughness, and resistance to wear and corrosion, thus significantly benefiting metallurgy. Furthermore, CAD/CAM techniques and the "third wave" of manufacturing, including additive manufacturing or 3D printing, are creating additional uses for chromium-based materials. These advancements not only lead to improved properties and longer product lifespans but also positively impact costs and environmental conservation, thereby increasing the overall usage and demand for chromium.

Chromium News

The report covers the latest developments, updates, and trends impacting the global chromium 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 chromium price trend.

Latest developments in the chromium industry:

• In November 2023, the National Energy Regulator of South Africa (Nersa) issued a statement on November 6 confirming NPAs had been approved for four of Glencore-Merafe Chrome Venture’s ferrochrome operations in Mpumalanga, Limpopo and North West, as well as for six of Samancor Chrome’s smelter operations in Mpumalanga, Limpopo and North West.
• In December 2023, Odisha Mining Corporation (OMC) laid the foundation for a new corporate office at Jayadev Vihar. The platinum-rated office complex will spread over six acres of land and be a new landmark in the state capital.

Product Description

Chromium is a chemical element with properties that include a shiny, forte, and hard surface, brittle nature, and high resistance to corrosion. In the periodic table, it is identified as Cr and has a total of 24 protons in its atomic nucleus. Chromium is utilized in the processing of metals and is mainly derived from Chromite ore that is prevalent in the Earth’s crust. Undoubtedly, this compound is most extensively used in creating stainless steel, as it enhances the steel's lifespan and resistance to rust and tarnish. Additionally, chromium is employed in chrome plating, colors and paints, and other specialized applications such as refractories. Its unique properties make it highly valuable in the aerospace, automotive, and manufacturing sectors, where it is utilized in both the design and functional aspects of various products and structures..

Regional Coverage

The report provides a detailed analysis of the chromium 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 chromium price trend. 

Global Chromium Price

The report offers a holistic view of the global chromium pricing trends in the form of chromium 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 chromium 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 chromium 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 Chromium Price

Europe's chromium 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 chromium production costs. Additionally, the region's dependency on chromium imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

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

North America Chromium Price

In North America, chromium 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 chromium supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

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

Middle East and Africa Chromium Price

The chromium 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 chromium supply and prices.

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

Asia Pacific Chromium Price

In the Asia Pacific region, chromium 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 chromium, making the Asia Pacific market a complex environment for price trend analysis.

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

Latin America Chromium Price

Latin America's chromium 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 chromium 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 chromium 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 chromium 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 chromium 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 chromium price charts ensure our clients remain at the forefront of the industry.