July chrome ore imports edged down, while inventory at high levels kept prices stable [SMM Analysis]

August 20, 2026 News:

According to China Customs data, China's total chrome ore imports in July 2026 were 2.6075 million mt, down 6.73% MoM and up 32.03% YoY. Of this, imports from South Africa were 2.1769 million mt, down 3.86% MoM and up 34.62% YoY; from Turkey were 107,400 mt, up 10.59% MoM and up 29.42% YoY; from Zimbabwe were 243,100 mt, down 13.62% MoM and up 64.76% YoY.

From January to July 2026, China's cumulative chrome ore imports reached 16.6588 million mt, up 39.92% YoY. Among them, imports from South Africa were 13.3913 million mt, up 35.62% YoY; from Turkey were 899,100 mt, up 126.6% YoY; from Zimbabwe were 1.5142 million mt, up 62% YoY.

The resumption of ferrochrome production in South Africa has been relatively slow, and excess chrome ore remains primarily for export. Although imports of South African chrome ore in July edged down MoM, they posted a significant YoY increase, firmly maintaining its dominant position in China's chrome ore supply. Zimbabwe, constrained by factors such as port congestion and export license restrictions, saw a pullback in shipments and port arrivals; however, mine capacity was released simultaneously, leading to a substantial YoY increase in imports, making it China's second largest source of chrome ore imports. For mainstream chrome ore, geopolitical conflicts caused longer transport times, and previously shipped ore arrived at ports in July, resulting in a notable increase MoM. Overall, chrome ore imports stayed high. Coupled with the off-season for consumption where ferroalloy plants do not engage in long-term stockpiling, chrome ore inventory continued to accumulate, supply was relatively loose, and prices lacked long-term upward momentum.