[SMM Chromium Daily Commentary] Quotes Rose Steadily, With Strong Support at the Bottom

On March 10, 2026, the price spread between retail and long-term contract ferrochrome widened further. Quotes for high-carbon ferrochrome in Inner Mongolia edged up to 8,550-8,700 yuan/mt (50% metal content); prices of high-carbon ferrochrome in Sichuan and east China were flat WoW from the previous trading day.

Intraday, the ferrochrome market held up well. Costs remained the core support, and producers’ willingness to push prices higher was unchanged. On the raw material side, chrome ore prices continued to rise; coupled with higher electricity prices, costs kept moving up, supporting firm ferrochrome quotes. On the demand side, a rebound in stainless steel production schedules boosted market confidence. In addition, currently tight available-for-sale spot cargo on the ferrochrome side brought overall supply and demand back to a tight balance, and most participants continued to expect further gains. However, actual transactions still need to follow through. Downstream buyers showed limited willingness to accept high-priced cargo, mostly staying on the sidelines, and market activity has not picked up materially for now. The ferrochrome market is expected to remain steady in the short term.

On the raw material side, on March 10, 2026, chrome concentrate and mainstream lumpy ore quotes edged up. Tianjin Port offered South African fines (40-42%) at 60 yuan/mtu; Turkish chrome lumpy ore (40-42%) was quoted at 69 yuan/mtu. On a CIF futures basis, South African fines (40-42%) were quoted at $307/mt; Turkish lumpy ore (40-42%) at $315/mt.

Intraday, the chrome ore market continued to hold up well. In the spot market, low-priced cargo was cleared, and higher overseas futures offers lifted landed costs, prompting traders to keep raising quotes. Although downstream acceptance of high-priced cargo remained limited, the rebound in production required raw material replenishment; restocking demand from inquiries has gradually increased recently, and transaction prices moved up accordingly. In the futures market, overseas mine offers remained firm: resumptions of ferrochrome production in South Africa weakened expectations for ore-side supply; tighter export reviews in Zimbabwe reduced supply; and in Turkey, geopolitical conflicts drove up ocean freight rates, tightening shipments. Ore prices are expected to still have room to rise in the short term.