Merafe Resources made more money selling chrome ore than the finished product in the first half of 2026. Ferrochrome production was down 75% over the period, illustrating how South Africa has become an exporter of raw chrome ore rather than the higher-value metal produced from it. That picture should change going forward after Eskom and the Glencore-Merafe Chrome Venture concluded a negotiated electricity pricing agreement at 62 cents per kilowatt hour. Chinese ferrochrome production increased 32% in the first half of 2026, well ahead of the 10% increase in global production. China accounted for 86% of global imports of South African chrome ore, according to Merafe.