【SMM Analysis】High‑Carbon FerroChrome Imports Remained Low in July; Inflow From Overseas Restart Has Limited Impact

News Release, August 20, 2026:

According to China Customs statistics, China's total imports of high‑carbon ferrochrome stood at 132,800 tonnes in July 2026, down 9.87% month‑on‑month and 41.45% year‑on‑year. Imports from South Africa registered zero (31,200 tonnes in June); imports from Kazakhstan reached 84,400 tonnes, up 1.21% month‑on‑month and 7.02% year‑on‑year; imports from India totalled 23,900 tonnes, rising 50.59% month‑on‑month and 124.45% year‑on‑year; imports from Zimbabwe amounted to 22,900 tonnes, climbing 72.11% month‑on‑month but falling 7.27% year‑on‑year.

From January to July 2026, China's cumulative imports of high‑carbon ferrochrome totalled 958,100 tonnes, a year‑on‑year drop of 42.65%. Imports from South Africa were 131,300 tonnes, plunging 82.94% year‑on‑year; imports from Kazakhstan hit 563,500 tonnes, down 6.73% year‑on‑year; imports from India stood at 113,100 tonnes, increasing 40.08% year‑on‑year; imports from Zimbabwe came in at 138,600 tonnes, falling 14.06% year‑on‑year.

Constrained by power supply issues, South Africa's ferrochrome recovery progresses slowly with low plant operating rates. Full‑scale production restart is not expected until Q4 2026, so short‑term import inflows will have limited impact on the Chinese market. The Government of Zimbabwe has set 2026 as the deadline for ferrochrome smelters to switch to self‑generated power. Higher power costs have put ferrochrome production under margin pressure, leading to lower output. Meanwhile, domestic Chinese ferrochrome output keeps rising, creating an overall supply surplus. Prices drift lower, which weighs down import volumes.

In addition, the market is in the traditional consumption off‑season with weak end‑user performance. Downstream steel mills adopt cautious purchasing sentiment, and softer demand keeps ferrochrome imports at a low level. High‑carbon ferrochrome from Kazakhstan features high grade and is largely consumed by special steel mills. Its relatively steady demand results in limited import volatility, making Kazakhstan China's largest ferrochrome import source. India has expanded its high‑carbon ferrochrome production capacity and lifted supply, driving a notable year‑on‑year increase in import volumes in 2026.