[SMM Chromium Weekly Review] Steel Tender Prices Rose, and the Market Remained Temporarily Stable

On March 20, 2026, ferrochrome quotations were unchanged. Inner Mongolia high-carbon ferrochrome was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 10,300-10,400 yuan/mt (50% metal content).

This week, the ferrochrome market remained stable, with retail quotations holding steady at highs. Mainstream steel mills announced April steel mill tender price for high-carbon ferrochrome, up 150 yuan/mt (50% metal content), slightly below market expectations. Supported by overseas market futures, China chrome ore prices continued to rise, raw material costs kept moving upward, and pressure on ferrochrome production increased significantly, with some producers facing the risk of losses. During the week, the Ulanqab Industry Association issued a statement calling on upstream ore suppliers to control chrome ore prices and downstream steel companies to raise alloy prices. Multiple northern plants are expected to conduct equipment maintenance from March to April, which is expected to affect monthly high-carbon ferrochrome production by about 110,000 mt. In addition, with limited progress in South African ferrochrome production resumptions, imported ferrochrome remained at low levels. According to China Customs data, China high-carbon ferrochrome imports totaled 265,100 mt in January-February 2026, down 51.6% YoY. Overall, expectations for tightening ferrochrome supply strengthened, while downstream stainless steel planned production remained high and demand for ferrochrome stayed robust. The market supply-demand relationship may gradually shift from loose to tight balance. Ferrochrome prices are expected to remain firm in the short term, and attention should be paid to subsequent adjustments in producers' production schedules.

Raw materials side, on March 20, 2026, chrome ore prices remained stable. At Tianjin Port, 40-42% South African concentrate, 40-42% Turkish lumpy chrome ore, and 48-50% Zimbabwean concentrate were flat from the previous trading day. On the CIF futures side, the weekly quotation for 40-42% South African concentrate rose to $315/mt.

This week, the chrome ore market was generally stable with slight rise. In the spot market, quotations for different categories of chrome ore diverged. The rise in South African concentrate prices slowed, stabilizing at 60-61 yuan/mtu; Zimbabwean concentrate prices edged up due to tight spot availability; higher overseas market quotations for mainstream chrome ore categories supported spot prices. Demand side, ferrochrome producers had relatively sufficient raw material inventories, and many had maintenance plans, with a lack of concentrated inquiries and purchases. During the week, chrome ore transactions were mostly small-lot deals for rigid demand. On the futures side, affected by rising overseas quotations and increased ocean freight costs, overseas sellers showed a stronger willingness to hold prices firm, and prices were raised steadily. South African concentrate was raised to $315/mt; Zimbabwean concentrate held steady at $375/mt; Turkish lumpy chrome ore broke above $390/mt. Under the impact of some fear of high prices, China traders were relatively cautious in purchases. Overall, the chrome ore market maintained a generally stable with slight rise trend amid the tug-of-war between sellers and buyers. Further attention should be paid to the impact of the implementation of higher steel mill tenders and changes in ferrochrome producers' production schedules.