China increases the export duty on Ferrochrome

According to a statement on China’s finance ministry website, China has raised the export duty to 20% on Ferrochrome, which will come into effect from 1st May’21. However, this will not impact the ferrochrome market as China is not an exporter of ferrochrome. On the contrary, China has to rely on the import of chrome ore and ferrochrome. China imported 861,602t Ferrochrome in the first quarter of CY’21, as per SteelMint sources.