The collapse of the Turkish lira could be a boon for the country’s chrome industry. While a growing factor now, Eti Electrometallurgy (ETI), the country’s sole low-carbon producer, could significantly increase it US sales. In the first half of 2018, the smelter shipped 3,350 mt of low carbon to the US vs. 1,614 mt in the same 2017 period.
While US imports of high-carbon ferrochrome from EtiKrom have fallen off substantially this year, the collapsing lira could reverse that. In the first half of 2018, Turkish high carbon imports fell to only 715 mt compared to 12,807 mt in the first half of 2017.
Also, Turkish chrome miners can increase their sales to China even with falling ore prices since the currency will more than make up for the lower US-dollar based price.