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In the first quarter of 2023, Tharisa's chromium ore production was 404,800 tons, an increase of 5.7% month on month (Q4: 383,100 tons), with a RoM grade of 18.4%; The price of metallurgical grade chromium concentrate increased by 20.6% quarter on quarter and 52% year-on-year.
Due to weak demand and destocking weakening Tharisa's pricing in the previous fiscal year, PGM prices faced pressure this quarter, while Chrome prices continued to rise, with spot prices around $285 per ton. China's inventory continues to hover at historical lows, while South Africa's demand for this product remains strong. However, due to electricity restrictions and challenges in inland logistics in South Africa, the supply of chromium ore has been hindered.