HS Code:
Chromium (HS Code: 2610) refers to chromium ores and concentrates, which are critical raw materials used primarily in the production of stainless steel, alloys, and various chemical applications. Chromium enhances the corrosion resistance and strength of steel, making it indispensable in industries such as construction, automotive, and aerospace. Global trade in chromium is influenced by mining output, industrial demand, and geopolitical factors affecting key producing and consuming regions.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 1.2 billion
48% of total trade of total trade
Increasing
USD 500 million
20% of total trade of total trade
Stable
USD 300 million
12% of total trade of total trade
Increasing
USD 200 million
8% of total trade of total trade
Decreasing
USD 150 million
6% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like the EU-South Africa Trade Agreement)
Rising demand for stainless steel in Asia
Increased imports of chromium ores by China and India to support manufacturing growth
2021-2022
Shift toward sustainable mining practices
Higher production costs due to stricter environmental regulations in South Africa and Kazakhstan
2020-2022
Fluctuations in global steel production
Periodic oversupply or shortages of chromium ores depending on steel market cycles
2019-2022
South Africa introduced a progressive export tax on chromium ore to encourage local beneficiation and value addition.
October 2021
Potential reduction in raw chromium exports, driving up global prices and encouraging investment in domestic processing
China, the largest consumer of chromium, has ramped up stockpiling to secure supply amid geopolitical tensions and supply chain disruptions.
March 2022
Short-term price spikes in chromium ores and increased demand pressure on exporting countries
New investments in chromium mining projects in Kazakhstan aim to boost output by 20% over the next five years.
June 2022
Potential stabilization of global supply, reducing reliance on South African exports