September 08, 2008

Update on Chinese chrome ore import in Q1 of 2008

In the first quarter of 2008, China imported 1.66 million tonnes of chrome ore up by 32.4% YoY as compared to 1.334 million tonnes in first quarter of 2007, with an increase of USD 280 million import value in Q1 increasing 112% YoY.

In Q1, China imported 404,000 tonnes of high carbon ferrochrome with import value at USD 415 million, rising 47.9% YoY and 84.4% YoY respectively. Meanwhile, China imported extra low carbon ferrochrome 9,200 tonnes up by 12% YoY as compared to 8, 200 tonnes in the same period of 2007. The export value in Q1 was USD 19 million up by 90% YoY.

According to the import figures in Q1, it is estimated that import value for chrome ore in 2008 will over 6 million tonnes, with high carbon and extra low ferrochrome volumes at 1.6 million tonnes and 37,000 tonnes respectively.