[SMM Chrome Daily Review] Steel Bidding Price Raises Boosted Confidence, but Trading Atmosphere Remained Sluggish

On April 24, 2026, retail quotations for high-carbon ferrochrome remained unchanged, with Inner Mongolia high-carbon ferrochrome at 8,400-8,550 yuan/mt (50% metal content).

The ferrochrome market operated steadily this week. Chrome ore stopped falling and stabilized temporarily, and overall ferrochrome production costs remained high, limiting downside room for ferrochrome prices, with retail quotations flat WoW. On the long-term contract front, TISCO announced its May steel mill tender price for high-carbon ferrochrome at 8,295 yuan/mt (50% metal content) during the week, up 100 yuan, breaking the market's earlier expectations of flat pricing and boosting ferrochrome producer confidence. However, as of now, procurement prices from other major steel mills have yet to be finalized, downstream stainless steel procurement of ferrochrome remained sluggish, and actual transactions have not recovered. Markets outside China, South Africa's temporary electricity price policy is planned to complete approval by the end of June, and the short-term impact of imported ferrochrome inflows remains limited. Ferrochrome is expected to mainly move sideways, awaiting subsequent announcements of other steel mill tender prices and demand release guidance.

Raw material side, on April 24, 2026, chrome ore spot prices were stable and futures prices remained firm. Tianjin port 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines quotations were flat from the previous trading day. On the CIF futures front, 40-42% South African fines were quoted flat at $318/mt this week.

Chrome ore market trading was sluggish this week. Although the steel mill tender price increase boosted trader confidence to hold prices firm, on the spot front, port inventory of ordinary chrome ore fines stayed high, suppliers still faced shipment pressure, and downstream ferrochrome producers' purchase willingness has not yet improved notably, with inquiries mainly driven by rigid demand. High-grade Zimbabwean chrome concentrate and mainstream lump ore remained supported in quotations due to relatively tight supply, while overall trading sentiment was sluggish, with most participants awaiting follow-up steel mill tender developments and demand release signals. On the futures front, major South African 40-42% fines mines did not issue quotations this week, and overseas market futures prices overall stayed high. Cost side, fuel price increases provided strong bottom support, coupled with the steel mill tender price increase, chrome ore market is expected to mainly continue operating steadily in the near term. Attention should be paid to market inquiry and transaction dynamics after other steel mill tender prices are finalized.