[SMM Chromium Daily Review] Steel Tender Bids Raised by 100, Chromium Market Confidence Strengthened

On April 27, 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 at the beginning of the week. Tsingshan Group announced its May 2026 steel mill tender price for high-carbon ferrochrome at 8,495 yuan/mt (50% metal content), up 100 yuan MoM, significantly boosting market participants' confidence. Ore side, overseas market prices remained firm, with high-priced chrome ore arriving at ports successively. Combined with a pullback in spot quotations, ferrochrome production cost pressure increased, supporting ferrochrome retail quotations. Downstream, stainless steel futures and spot prices rose in tandem, smelting margins remained relatively stable, and planned production stayed high, sustaining rigid procurement demand for ferrochrome and driving the ferrochrome market toward stabilization and improvement. Markets outside China, South African chrome enterprise Glencore-Merafe called for accelerating the approval of preferential electricity prices policies for ferrochrome production to reduce unemployment risks and support rational corporate decision-making. Overall, the ferrochrome market is expected to maintain a stable operating trend in the short term, with the market watching actual ferrochrome transaction conditions after the steel mill tender price is finalized.

Raw material side, on April 27, 2026, chrome ore spot prices edged up slightly, while futures prices remained firm. At Tianjin port, 40-42% South African fines were up 0.5 yuan/mtu from the previous trading day; 40-42% Turkish lump ore and 48-50% Zimbabwean fines quotations were flat from the previous trading day. CIF futures, 40-42% South African fines were offered at $318/mt, unchanged.

The intraday chrome ore market trended stable to positive. The steel mill tender price increase boosted trader confidence, the inquiry atmosphere improved, and physical transactions increased. Spot side, ferrochrome production operated steadily at high levels, inventory continued to be drawn down, and combined with the gradual release of stocking demand ahead of the Labour Day holiday, the procurement pace for chrome ore accelerated and trading activity rebounded. According to SMM data, chrome ore port inventory declined 6.02% WoW last week, with total volume falling to 3.6873 million mt. Suppliers faced reduced shipment pressure, and their willingness to hold prices firm and explore higher levels became evident. Futures side, the latest offer from major mines for South African 40-42% fines held flat again at $318/mt. High mining and transportation costs supported firm overseas market quotations, and the steel mill tender price increase helped drive increased transactions. The chrome ore market is expected to trend stable to positive in the short term, with attention on market inquiry and transaction dynamics after the steel mill tender price is finalized.