[SMM Chromium Daily Review] Steel Tender Settles Flat, Market Gradually Resumes Operations

On February 25, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,700 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,700-8,800 yuan/mt (50% metal content), flat WoW. For imported material, offers for Indian high-carbon ferrochrome were 8,600-8,700 yuan/mt (50% metal content); Kazakh high-carbon ferrochrome offers were 9,500-9,700 yuan/mt (50% metal content), flat WoW.

The ferrochrome market operated steadily during the day. Tsingshan and TISCO announced their March steel mill tender prices for high-carbon ferrochrome at 8,245 yuan and 8,045 yuan/mt (50% metal content) respectively, slightly lower than previous market expectations. However, persistently high chrome ore prices kept production costs elevated, supporting producers to hold prices firm. Additionally, some producers have orders booked until March-end, leaving limited spot supply and keeping offers unchanged. Considering the subsequent stimulus from the peak consumption season of "Golden March, Silver April," which is expected to lead to a rebound in stainless steel prices and an increase in production, thereby releasing procurement demand for ferrochrome, the overall market is expected to maintain a tight balance. The ferrochrome market is anticipated to operate steadily in the short term, pending actual transaction details after full production resumptions.

Raw material side, on February 25, 2026, spot offers for 40-42% South African concentrate at Tianjin Port were 57.5-58 yuan/mtu; 40-42% South African raw ore were 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate were 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore were 60-61 yuan/mtu; 40-42% Turkish chrome lump ore were 64-65 yuan/mtu; 46-48% Turkish chrome concentrate ore were 65-66 yuan/mtu, all flat WoW. In the futures market, the latest offer for 40-42% South African concentrate was $297/mt, flat WoW.

The chrome ore market operated steadily during the day, with no adjustments to spot or futures offers. Due to the short post-holiday resumption period, with some producers still on holiday, coupled with sufficient pre-holiday stockpiling, raw material procurement demand was limited. Consequently, the market was mainly in a wait-and-see mode, with moderate activity and limited transactions. However, as producer resumptions progress and the "Golden March, Silver April" peak consumption season approaches, demand for chrome ore is expected to be gradually released. Simultaneously, the resumption of production at Glencore's ferrochrome plant in South Africa increases local chrome ore consumption, potentially leading to a subsequent supply decline. The chrome ore market is forecast to operate steadily with a positive outlook in the short term. In the futures market, the last pre-holiday offer for South African 40-42% chrome concentrate remained unchanged at $297/mt, with most market participants adopting a wait-and-see stance. The flat tender prices from mainstream steel mills supported the market, with many awaiting the next round of overseas market offers.