Chicago, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The global ferroalloys market was valued at US$ 56.23 billion in 2024 and is expected to reach US$ 115.02 billion by 2033, growing at a CAGR of 8.3% during the forecast period 2025–2033.
The destiny of the ferroalloys market is intrinsically linked to the global steel sector. In the first five months of 2024, China produced a colossal 438.61 million tons of crude steel, setting the pace for global consumption. The annualized global production of stainless steel, based on Q3 2024 data, is expected to reach 61.456 million tonnes. Such massive output directly translates into immense ferroalloy demand, as these alloys are indispensable for conferring specific properties upon steel.
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Consumption metrics from key economies further illustrate this deep-seated connection. The consumption of 50% grade ferrosilicon in US steel production is forecasted to be 61,720 metric tons in 2024. Projections show a continued upward trend, with US consumption of ferrosilicon in steelmaking expected to reach 66,240 metric tons by 2028. In China, the steel industry consumed a staggering 1.7544 million tons of ferrosilicon from January to May 2024 alone, highlighting the region's pivotal role in driving market dynamics.
Key Findings in Ferroalloys Market
| Market Forecast (2033) | US$115.02 billion |
| CAGR | 8.3% |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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Manganese Alloys A Resilient Cornerstone of the Global Ferroalloys Market
Manganese alloys remain the bedrock of the market, and key producers are strategically positioning themselves to meet rising demand. South32 mined a total of 3.3 million tonnes of manganese over the 2024-25 financial year, a figure that comfortably surpassed its target of 3 million tonnes. For the fourth quarter of 2024, the company produced 1.1 million wet metric tonnes (wmt) of manganese, significantly outperforming the Visible Alpha consensus estimate of approximately 602,000 wmt. Looking ahead, the company’s guidance for its Australian GEMCO operations for fiscal year 2025 is set at 1 million wet tonnes, with a major ramp-up to 3.2 million wet tonnes targeted for fiscal year 2026. South African manganese ore production for the 2025 fiscal year is expected to be 2.2 million tonnes, with a 2 million tonne target rolled over into the 2025-26 financial year.
Competitor Eramet is also making strategic moves within the manganese segment of the ferroalloys market. The company increased its manganese ore volume produced by an impressive 33% in the first half of 2024 compared to the same period in 2023. Eramet has adjusted its 2024 production and transport target for manganese ore from its Moanda mine to between 6.5 million and 7.0 million metric tons, a revision from an earlier guidance of 7.0 million to 7.5 million metric tons. The company's full-year sales volume estimate for high-grade manganese ore in 2024 is between 6.0 and 6.5 million tonnes, with approximately 700,000 tonnes designated for internal sales. Correspondingly, manganese alloys production for Eramet is forecast to be around 700,000 tonnes for the full year 2024.
Chrome and Nickel Alloys Charting a Dynamic Course for Specialized Steel
The demand for high-performance and stainless steels is fueling significant activity in the chrome and nickel segments of the ferroalloys market. Glencore, a major player, has set its ferrochrome production guidance for 2024 at a substantial range of 1.100 million to 1.200 million tonnes. In a clear indicator of price strength, the domestic price of low-carbon ferrochrome in China reached 12,400 yuan per 60 base tons in December 2024. These figures reflect the robust health and strategic importance of ferrochrome in the global supply chain for specialized materials.
On the nickel alloy front, Eramet's nickel ore production volume in Indonesia ferroalloys market surged by 40% in H1 2024 versus H1 2023. The PT Weda Bay Nickel joint venture received a revised mining allowance of 32 million wet tons annually for the 2024-2026 period. Within that allowance, 3 million tons are specified for internal sales annually, leading to a revised 2024 external marketable nickel ore target of 29 million wet tons, a reduction from a previous target of 40 million to 42 million wet tons. Meanwhile, South32’s nickel production at its Cerro Matoso mine reached 37,100 tonnes in the 2024-25 financial year, exceeding its target of 35,000 tonnes. Due to a planned sale, the company's guidance for the 2025-26 fiscal year accounts for only July-December 2025, with a projection of 16,000 tonnes.
Silicon Alloys A Sector Fueled by Diverse Industrial Application Growth
Ferrosilicon is a critical component for both steel and magnesium production, and recent data highlights its growing importance across the ferroalloys market. In the first half of 2024, China's cumulative ferrosilicon output reached 2.6551 million tons, demonstrating the scale of its production capacity. The country's export activity reinforces its market influence, with cumulative exports of 188,500 tons of ferrosilicon (>55% silicon content) from January to May 2024. The demand is not limited to steel; the production of magnesium metal in China consumed a cumulative 453,600 tons of ferrosilicon in the first half of 2024.
The financial outlook for this segment is exceptionally bright, particularly in key growth regions. The ferrosilicon market size in the Asia Pacific region was estimated at a significant USD 7.98 billion in 2024. This valuation reflects the intense industrial activity across the continent, where ferrosilicon is a fundamental input for manufacturing, construction, and automotive sectors. The strong market size and robust production figures signal a healthy and expanding ecosystem for silicon alloys.
China's Dominance Reshaping Global Ferroalloy Production and International Trade Flows
China stands as the undisputed epicenter of the global ferroalloys market, acting as both the largest producer and a voracious consumer. In 2024, China imported ferroalloys valued at an immense $20.3 billion. Indonesia was the primary source, supplying an astounding $13.1 billion worth of ferroalloys to China. Other significant suppliers included South Africa, with imports valued at $1.91 billion, Kazakhstan at $1.79 billion, and Brazil at $1.32 billion. These massive import figures showcase China's reliance on global raw materials to fuel its industrial machine.
While it is a major importer, China also maintains a significant export presence. The nation exported $1.96 billion worth of ferroalloys in 2024. The largest export market for China was Indonesia, with a value of $630 million, highlighting a complex bilateral trade relationship. Japan followed as the second-largest destination with exports valued at $424 million, and exports to South Korea amounted to $219 million. This two-way trade flow demonstrates China's central and complex role in dictating global market prices and availability.
Global Trade Dynamics Reveal Critical Intercontinental Supply Chain Arteries
Beyond China, intricate trade routes underscore the globalized nature of the ferroalloys market. The United States imported $223 million of high-carbon ferromanganese in 2024. Malaysia emerged as the top supplier to the US, with a value of $104 million, followed by Australia which supplied $58.5 million, and India which exported $28 million of the product. In turn, the US exported $11.6 million of the same alloy in 2024, with the vast majority, valued at $11.5 million, destined for Canada, revealing a highly concentrated North American trade corridor.
Other nations are also key participants in global trade. During the 2023-2024 fiscal year, India exported ferroalloys worth US$ 256.68 million to the Republic of Korea and US$ 205.55 million to the UAE. In 2024, Ukrainian enterprises exported 77,300 tonnes of ferroalloys despite challenging geopolitical circumstances. These diverse trade flows highlight a resilient and interconnected global network, where multiple countries play crucial roles in maintaining supply chain integrity and meeting regional industrial demands.
Regional Hubs Showcase Production Resilience and Strategic Market Positioning
Regional production centers in the global ferroalloys market are demonstrating significant capacity and contributing to the stability of the global supply chain. In 2024, ferroalloy plants in Ukraine produced a total of 108,200 tons of products. A breakdown shows that Ukrainian plants produced 104,200 tonnes of silicomanganese and 3,600 tonnes of ferromanganese during the year. These figures, while modest on a global scale, are significant given the operational challenges and showcase the resilience of the nation's industrial base.
The European Union remains a major consumption hub after Asia Pacific and North America. In 2024, the value of ferromanganese imports into the European Union was $868 million. The consumption of ferromanganese in the EU was estimated at a substantial 105 million tons during the same year. In value terms, ferromanganese production within the EU was estimated at an impressive $118.7 billion in 2024. The high value of production and consumption underscores the region's focus on high-grade materials and its vital role in the global manufacturing landscape.
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Strategic Capacity Adjustments Signal a Proactive and Future-Focused Marketplace
The future of the ferroalloys market is being actively shaped by strategic investments and capacity adjustments. Molybdenum smelting capacity is predicted to continue its expansion in 2025 as enterprises focus on integration. In a significant move, a major producer expanded its manganese alloy smelting capacity by 500,000 metric tons in 2024. Furthermore, a leading company launched a new line of low-carbon ferromanganese alloys, with initial production already exceeding 1 million metric tons in 2024. Even emerging segments show promise, as Eramet's new Centenario plant is scheduled to produce around 1,000 tonnes of lithium carbonate equivalent (LCE) in 2024.
Simultaneously, the ferroalloys market is responding to changing conditions with calculated production shifts. In the first half of 2025, China's Ulanqab region approved 32 new ferro-alloy projects, signaling long-term investment in capacity. However, there are also strategic cutbacks. Announced ferrochrome production cuts in China range from 120,600 to 142,600 tonnes of monthly production. These reductions translate to a significant annualized cutback of between 1.447 million and 1.711 million tonnes. Such proactive adjustments demonstrate a mature market responding to supply-demand signals to ensure long-term stability and profitability.
Global Ferroalloys Market Major Players:
- Arcelor Mittal
- China Minmetals
- Ferro Alloys Corporation Limited
- Glencore
- Jindal Group
- S.C. Feral S.R.L
- SAIL
- Samancore Chrome
- Shanghai Shenjia Ferroalloys Co. Ltd
- Tata Steel Limited
- Other Prominent Players
Key Market Segmentation:
By Product
- Ferrochrome
- Ferromanganese
- Ferro Silico Manganese
- Ferro Silicon
By Application
- Carbon & Low Alloy Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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