HS Code:
Chromium, classified under HS Code 2610 (Chromium ores and concentrates) and related codes such as 8112 (Chromium and articles thereof), is a critical industrial metal primarily used in the production of stainless steel, alloys, and chemicals. It is valued for its corrosion resistance and hardness. Global trade in chromium is driven by demand from the steel industry, with significant production and export concentrated in a few resource-rich countries. Chromium is also used in refractories, foundry sands, and chemical applications such as leather tanning and pigments.
Total Trade Volume
Approximately $3.5 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$1.2 billion USD
34% of global trade of total trade
Increasing
$600 million USD
17% of global trade of total trade
Stable
$400 million USD
11% of global trade of total trade
Increasing
$350 million USD
10% of global trade of total trade
Stable
$200 million USD
6% of global trade of total trade
Increasing
Average Rate
5-8% ad valorem
Highest Rate
Up to 25% in certain protective markets (e.g., specific developing economies)
Lowest Rate
0-2% under free trade agreements (e.g., EU-South Africa agreements)
Rising demand for stainless steel
Increased chromium ore imports by major steel-producing countries like China, driving up global trade volumes by approximately 5% annually.
2021-2023
Shift towards sustainable mining practices
Higher production costs due to stricter environmental regulations in major exporters like South Africa, potentially affecting supply and prices.
2022-2023
Growing use in renewable energy technologies
Emerging demand for chromium in battery technologies and energy storage systems, creating new trade opportunities.
2023
South Africa proposed an export tax on chromium ore to encourage domestic processing and value addition, sparking concerns among importing countries like China.
October 2022
Potential reduction in raw ore exports; higher global prices and supply chain disruptions expected if implemented.
The European Union included chromium in its list of critical raw materials, aiming to secure supply through strategic partnerships with producing countries.
March 2023
Increased trade agreements and investments in chromium-rich regions like South Africa and Kazakhstan.
China, the largest consumer of chromium, has ramped up stockpiling to mitigate supply risks amid global geopolitical tensions.
Mid-2023
Short-term price spikes and heightened competition for chromium resources among importing nations.