November Chrome Ore Imports at 1.7192 Million mt, Chrome Ore Inventory Accumulated, Ore Prices Declined [SMM Analysis]

According to Chinese customs statistics, China's chrome ore imports in November 2024 totaled 1.7192 million mt, up 183,000 mt MoM (11.91%) but down 87,600 mt YoY (4.85%). In November, China imported 1.4312 million mt of chrome ore from South Africa. From January to November 2024, China's total chrome ore imports reached 18.9404 million mt, up 2.6039 million mt YoY (15.94%).

According to SMM, due to the previous decline in chrome ore prices and lower import volumes in October, November's chrome ore imports rebounded to over 1.7 million mt. However, the recent consecutive declines in ferrochrome tender prices have caused severe losses for ferrochrome producers, forcing many to cut production or suspend operations for maintenance. In the short term, chrome ore demand has significantly decreased, inventory has increased, and ore prices continue to decline. Based on SMM's panoramic shipping data, chrome ore shipments from overseas countries remain at high levels, and arrivals at Tianjin Port have continued to increase in December. It is expected that chrome ore imports in December may further grow, making it difficult for chrome ore prices to return to their previous strong levels.