[SMM Chrome Daily Review] Prices Lowered with Sluggish Transactions, Chrome Market Remained Subdued

On April 14, 2026, high-carbon ferrochrome prices edged down, with Inner Mongolia high-carbon ferrochrome quoted at 8,450-8,550 yuan/mt (50% metal content).

The ferrochrome market was in the doldrums during the day. As a new round of steel mill tender pricing cycle began, participants mostly adopted a wait-and-see attitude, and the overall trading atmosphere was sluggish. High inventory levels prompted chrome ore traders to cut prices for shipments, reducing ferrochrome raw material cost pressure and easing the risk of price inversion, but at the same time weakening price support for ferrochrome. Considering that downstream stainless steel mills had already engaged in earlier stockpiling and concentrated procurement, current inquiry and purchase demand for ferrochrome was limited, market transactions were sluggish, and prices were under pressure. Supply side, power maintenance in Inner Mongolia may cause production constraints at some ferrochrome enterprises, reducing production, with specific changes yet to be tallied. Overall, ferrochrome supply and demand showed a balanced trend, and the market is expected to maintain a generally stable with slight fall pattern in the short term, awaiting next month's steel mill tender price guidance.

Raw materials, on April 14, 2026, chrome ore spot prices edged down slightly, while futures prices remained firm. At Tianjin port, 40-42% South African fines and 48-50% Zimbabwean fines saw quotes decline by 0.5 yuan/mtu; 40-42% Turkish lump ore quotes were flat from the previous trading day; on the CIF futures front, 40-42% South African fines were offered at a stable $318/mt.

The chrome ore market weakened during the day, with spot quotes gradually declining and overseas market futures temporarily stable. Spot side, port inventory stayed high with notable structural differentiation. South African fines were in ample supply, but downstream ferrochrome producers had insufficient purchase willingness, and traders faced strong shipment pressure, making slight concessions on shipments, with quotes adjusted down to 58-59.5 yuan/mtu. Mainstream chrome ore remained firmly priced by traders due to tight supply, coupled with high forward spot prices providing cost support, and traders maintained strong sentiment to hold prices firm. Futures side, overseas market quotes remained firm, with the latest offer for 40-42% South African fines flat at $318/mt, but high quotes made transactions relatively difficult, and market participants mostly adopted a wait-and-see attitude. Affected by fear of high prices and weak demand, there were no large-scale position-building or purchase actions for the time being. The chrome ore market is expected to continue in a stagnant standoff pattern in the short term, awaiting a new round of steel mill tender pricing before making further plans.