Speaking at Fastmarkets’ International Ferro-alloys Conference on Tuesday November 10, Constant said the annual growth rates of global chrome ore and ferro-chrome production had slowed in 2019 due to oversupply, low prices and generally poor market conditions amid a bearish global economic outlook.
Global chrome ore and concentrate production totaled 34.2 million tonnes in 2019, up by 1.2% from 33.8 million tonnes in 2018. In comparison, the annual percentage of increases were around 11% and 8% for 2018 and 2017 respectively, data from the ICDA showed.
“Growth [in 2019] was much slower than the previous years, which also came along with a significant downtrend of prices,” Constant said.
For instance, Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%,...