Demand for chromium series in India continues to increase

After eight years of hard work, India will become the world's second largest steel producer in 2022. India plans to reach per capita steel consumption of 160 kilograms in fiscal year 2031. The prosperity of the steel industry has increased India's domestic consumption of raw materials, and the demand for ferrochromium and chromium ore has increased.
India's chromium ore reserves rank among the top in the world, and India's annual chromium ore production is basically around 4 million tons. Among them, there has been a significant decrease in volume in 2020 and 2021, mainly due to the impact of the epidemic. There have been problems with capital turnover and personnel start-up. Most mainstream chrome ore companies have adopted lightweight operating models and reduced the scale of chrome ore mining. Therefore, India's chrome ore production has dropped significantly.
However, Indian chrome ore has gradually recovered since 2022, and the mining rhythm has gradually stabilized. The current monthly output range of Indian chrome ore is between 300,000 tons and 400,000 tons. In addition, due to the development of India's domestic economy and the prosperity of the steel industry, the demand for raw materials has increased. Indian chromium company IMFA has also stated that it has begun to expand the scale of chrome ore mining and smelting capacity of ferrochrome. Balasore Alloys also stated that it will maintain maximum production capacity. in production.
As of August 2023, India's domestic chromium ore production in 2023 has accumulated to 2.745 million tons. It is expected that India's chromium ore production in 2023 will be around 4 million tons - 4.25 million tons.
For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.

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