HS Code:
Ferrosilicon chromium (HS Code: 720241) is an alloy of iron, silicon, and chromium, primarily used in the production of stainless steel and other specialty steels. It enhances corrosion resistance and strength in steel products. This category is critical in industries such as automotive, construction, and manufacturing due to the alloy's role in producing durable and high-performance materials. The global trade of ferrosilicon chromium is influenced by the demand for stainless steel, raw material availability, and geopolitical factors affecting mining and production.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$450 million USD
37.5% of total trade of total trade
Increasing
$300 million USD
25.0% of total trade of total trade
Stable
$150 million USD
12.5% of total trade of total trade
Increasing
$100 million USD
8.3% of total trade of total trade
Decreasing
$80 million USD
6.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU-South Africa Trade Agreement)
Rising demand for stainless steel in automotive and infrastructure sectors
Increased global demand for ferrosilicon chromium, particularly in Asia-Pacific, driving up trade volumes and prices
2021-2022
Shift towards sustainable production methods
Producers adopting greener technologies to meet environmental regulations, potentially increasing production costs but improving market access in eco-conscious regions like the EU
2020-2022
Geopolitical tensions affecting supply chains
Sanctions and trade barriers on major producers like Russia have led to supply disruptions, pushing buyers to diversify sourcing from countries like South Africa and Kazakhstan
2022
The European Union introduced anti-dumping duties ranging from 10-12% on imports of ferrosilicon chromium from Russia to protect domestic producers from unfair pricing practices.
March 2023
Reduction in Russian exports to the EU, with buyers shifting to alternative suppliers like South Africa and Kazakhstan.
South African mining companies announced investments in new ferrosilicon chromium processing facilities to meet growing global demand, particularly from Asia.
July 2023
Expected to increase South Africa's export volume by 15% over the next two years, solidifying its position as the leading exporter.
India implemented a temporary 10% export tax on ferrosilicon chromium to prioritize domestic steel production amid rising local demand.
September 2022
Slight reduction in Indian exports, with buyers exploring alternative sourcing options, potentially benefiting competitors like Kazakhstan.