[SMM Analysis] Rising Imports Exacerbate Oversupply in Chinese Chrome Ore Market

News Release, June 22, 2026:

According to official customs data of China, China's total chromite ore imports reached 2.4732 million tonnes in May 2026, up 6.24% month-on-month and 30.2% year-on-year. Breakdown by origin:

• Imports from South Africa stood at 1.948 million tonnes, climbing 8.6% month-on-month and 20.88% year-on-year;
• Imports from Turkey hit 147,400 tonnes, falling 43.43% month-on-month but surging 186.38% year-on-year;
• Imports from Zimbabwe amounted to 250,700 tonnes, jumping 47.58% month-on-month and 82.47% year-on-year.

From January to May 2026, China's cumulative chromite ore imports totalled 11.2556 million tonnes, a year-on-year increase of 35.8%.

• Cumulative imports from South Africa: 8.95 million tonnes (+29.9% YoY);
• Cumulative imports from Turkey: 694,600 tonnes (+170.2% YoY);
• Cumulative imports from Zimbabwe: 989,600 tonnes (+44.3% YoY).

Sustained high chromite ore inflows have reshaped supply-demand fundamentals and brought evident oversupply, putting significant downward pressure on chromite ore prices. Per SMM statistics, global seaborne chromite ore shipments totalled 2.8348 million tonnes in May 2026, staying firmly within the high range of 2.8 million to 3.0 million tonnes.

Port arrivals of chromite ore have kept rising steadily, yet downstream smelters show muted purchasing appetite, driving port inventories of chromite ore to a record high of 4.5 million tonnes. Traders are facing mounting pressure to clear stocks and have widely cut offers. However, elevated landed costs limit holders’ room for deep price concessions. The market is currently locked in a standoff between buyers and sellers, and the chromite ore market is projected to stay oversupplied and weak in the short term.