[SMM Daily Chromium Review] Prices Moved Upward, Chromium Market Remained Firm and Stable

On March 11, 2026, ferrochrome retail prices were raised again. Inner Mongolia high-carbon ferrochrome was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 9,800-10,000 yuan/mt (50% metal content).

The ferrochrome market held up well during the day, with firm support from core costs, and most producers had bullish expectations. Raw material side, chrome ore prices continued to rise, further lifting ferrochrome smelting costs and giving producers ample confidence to hold prices firm. Meanwhile, downstream stainless steel production schedules rebounded, improving demand for ferrochrome, and some steel mills began tendering and purchasing cargoes for restocking. However, the actual transaction pace remained relatively steady at present, mainly because retail spot ferrochrome was relatively tight and there was some difficulty in delivering prompt orders. Ferrochrome prices are expected to remain firm and stable in the short term, while waiting for further release of downstream demand to verify the strength of price support.

Raw material side, on March 11, 2026, quoted prices for chrome concentrate fines and mainstream lumpy ore were raised slightly. At Tianjin Port, 40-42% South African fines were quoted at 60 yuan/mtu; 40-42% Turkish chrome lumpy ore was quoted at 69.5 yuan/mtu. On the CIF futures market, 40-42% South African fines were quoted at $307/mt; 40-42% Turkish lumpy ore was quoted at $315/mt.

The chrome ore market improved amid stability during the day, with traders showing strong bullish sentiment. In the spot market, low-priced cargoes were cleared, while high-priced futures cargoes arrived at port, and traders continued to push quotations higher. Tight supply of mainstream chrome ore had not improved significantly, and spot market circulation tightened further. Downstream buyers had restocking demand due to increased production, but acceptance of high-priced chrome ore still needed to improve, so actual transactions were limited. On the futures side, production resumptions in South African ferrochrome drove tightening ore supply, and the market generally maintained expectations that weekly quotations from mainstream mines would continue to rise, while waiting for actual offers for guidance. Outside China markets were affected by multiple factors such as policy adjustments and geopolitical conflicts, pushing costs higher and lifting quotations. The chrome ore market is expected to continue holding up well with fluctuations in the short term.