What is Chromite?

Chromite is a lustrous, hard metal with a high melting point and corrosion resistance that make it of favorable use in hardening alloys, and in electroplating steels. Because chromite can also be highly polished, it's used to give stainless steels and other metals their shine. Only a handful of countries around the world mine chromite, with roughly 95 percent of chromite ore reserves and resources coming from South Africa, Zimbabwe and Kazakhstan. In 2007, South Africa produced approximately 40 percent of global chromite supply.

Chromium’s hardness and resistance to corrosion makes it one of the most important industrial metals and a critical component in the manufacturing of stainless steel, most of which contains about 18 percent of the metal. Ferrochromium prices are rising alongside China’s expanding stainless steel industry and the long-term outlook is positive given that Chinese stainless steel producers are expected to double production in the next five years.

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