【SMM Analysis】Chrome Ore Imports Edged Down in July; High Inventories Keep Prices Stable

August 20, 2026:

According to China Customs statistics, Chin's total chrome ore imports stood at 2.6 million tonnes in July 2026, down 6.73% month‑on‑month and up 32.03% year‑on‑year. Of this volume, imports from South Africa reached 2.18 million tonnes, falling 3.86% month‑on‑month while rising 34.62% year‑on‑year; imports from Türkiye totalled 0.11 million tonnes, climbing 10.59% month‑on‑month and 29.42% year‑on‑year; imports from Zimbabwe amounted to 0.24 million tonnes, dropping 13.62% month‑on‑month but surging 64.76% year‑on‑year.

From January to July 2026, China's cumulative chrome ore imports hit 16.66 million tonnes, a year‑on‑year increase of 39.92%. Imports from South Africa totalled 13.39 million tonnes, up 35.62% year‑on‑year; imports from Türkiye were 0.9 million tonnes, jumping 126.6% year‑on‑year; imports from Zimbabwe came in at 1.51 million tonnes, rising 62% year‑on‑year.

The restart‑up progress of South African ferrochrome production remains relatively slow, and surplus chrome ore is still largely channelled for export. Although July's South African chrome ore imports posted a mild month‑on‑month decline, the year‑on‑year growth was substantial, cementing South Africa's dominant position in China's chrome ore supply. Zimbabwe saw lower shipment and arrival volumes due to constrained port capacity and export permit restrictions. Nevertheless, with mining capacity ramping up, its year‑on‑year import growth was robust, making it China's second‑largest chrome ore import source. For mainstream‑origin chrome ore, geopolitical conflicts have extended shipping lead‑times, and cargoes shipped earlier arrived in Chinese ports in concentrated volumes in July, leading to a notable month‑on‑month gain.

Overall, chrome ore imports stayed at elevated levels. Amid the off‑season for downstream consumption, ferroalloy mills avoided long‑term stock building, resulting in continuous inventory build‑up and ample supply. Consequently, chrome ore prices lack sustained upward momentum.