EU ferrochrome benchmark prices for Q2 2023 rise

The European benchmark prices for Ferrochrome for the second quarter of 2023 have increased significantly, With a jump of more than 15%, they are up compared to the first quarter.

Ferrochrome is integral to the composition of the 200, 300 and 400 stainless steel series, but significantly influences the prices of the 400 series and the widely used 409, 430, 439 and 441 and 444 stainless steel grades.

Ferrochrome prices have increased significantly since the end of 2020. They peaked in July 2021 due to scarce availability caused by energy shortages in China, but since then prices have held at an average level almost 60% higher than in 2020.

South Africa: Most important chrome supplier with difficulties
South Africa, which is considered by far the most important supplier of chrome ores and derivatives, has had a persistent problem with energy supply since October 2021. This is also hitting the important South African mining and metals industry hard and has led to a stagnation in the energy-intensive production of ferrochrome.

China is by far the largest consumer of chrome ores and concentrates in the world. In 2022, the country had imported chrome products in the total export volume of South Africa. And was already barely able to meet its demand. At present, Chinese buyers seem to be already in the process of covering their needs again, especially on the South African market. This could become a problem for countries such as the United States, which have no ferrochrome production of their own and rely exclusively on imports.

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