SMM data showed that China's high-carbon ferrochrome output in September 2026 fell 3.17% MoM, a wider decline than August's 1.25%. Output remained 18.8% higher YoY, though growth slowed from 20.36% in August. Output for January to September was up 30.84% YoY, compared with 32.56% at the end of August.
The slowdown reflects squeezed margins. Firm coke prices, higher power tariffs and slow-moving chrome ore prices raised costs, while lower steel mill tender prices pressured ferrochrome prices, so southern producers, where costs are highest, cut output most. Output in the northern producing region held up better and kept national volumes well above last year, which is why YoY and YTD growth remain strong even as the MoM trend turns down.
SMM expects output to ease only slightly from here, with weaker stainless steel demand offset by lower chrome ore costs and fixed long-term contract volumes.
