February 25, 2026:
The chrome ore market maintained stable operation during the Chinese New Year holiday. Spot side, offers for 40-42% South African fines at Tianjin Port were 57.5-58 yuan/mtu; 40-42% South African raw ore at 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate at 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate at 60-61 yuan/mtu; 40-42% Turkish chrome lump ore at 64-65 yuan/mtu, and 46-48% Turkish chrome concentrate at 65-66 yuan/mtu, flat MoM from the previous trading day. Futures side, the latest pre-holiday offer for 40-42% South African fines was $297/mt, unchanged MoM. Considering that stockpiling of chrome ore was largely completed before the holiday, trading activity in the chrome ore market was mediocre during the holiday, with most market participants adopting a wait-and-see attitude and maintaining firm price intentions.
Looking ahead, the chrome ore market is expected to remain stable. During the day, Tsingshan and TISCO announced that the steel mill tender price for high-carbon ferrochrome for March 2026 was flat MoM at 8,245 yuan and 8,045 yuan/mt (50% metal content), slightly exceeding previous market expectations for an increase. Participants are focusing on how overseas mainstream mines will set their futures offers this week. On February 16, South Africa's major chrome company Glencore announced the resumption of production at its Lion ferrochrome smelter, with plans to fully restore operations by the end of March. Increased chrome ore consumption locally is expected to lead to a potential decline in subsequent chrome ore exports, affecting supply to some extent. Meanwhile, from an inventory perspective, China's port inventory of chrome ore fell 11.18% MoM. Combined with stable production maintained by ferrochrome plants, which creates rigid procurement demand for ore, chrome ore traders are likely to maintain firm prices in the short term, with a low probability of significant declines in offers.
