[SMM Chromium Daily Review] Chromium Market Shows Mediocre Performance, Trading Atmosphere Remains Subdued

On February 26, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price of high-carbon ferrochrome was 8,500-8,700 yuan/mt (50% metal content); in east China, the offer price for high-carbon ferrochrome was 8,700-8,800 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for Indian high-carbon ferrochrome was 8,600-8,700 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,500-9,700 yuan/mt (50% metal content), flat MoM from the previous trading day.

During the day, the ferrochrome market operated steadily overall. The mainstream steel mill tender price for high-carbon ferrochrome was set flat, slightly below market expectations, and market sentiment needs time to digest. Considering the short period after the holiday resumption, ferrochrome producers' offers have not been adjusted for now, and some producers have orders signed until late March to April, leaving limited spot retail supply. Cost side, chrome ore prices remain high, and production costs support ferrochrome producers' willingness to hold prices firm. Supply and demand side, stimulated by the upcoming peak consumption season "Golden March, Silver April" in the latter market, downstream stainless steel prices are adjusting, production schedules are increasing, and purchasing demand for ferrochrome is expected to be gradually released. Glencore's ferrochrome plant in South Africa resumed production, and China's ferrochrome imports are expected to potentially increase in May-June. In the short term, the overall ferrochrome market maintains a tight balance. Continue to monitor the actual transaction situation after full work resumption.

Raw material side, on February 26, 2026, the spot offer for 40-42% South African fines at Tianjin Port was 58.5-59 yuan/mtu; the offer for 40-42% South African raw ore was 52-54 yuan/mtu; the offer for 46-48% Zimbabwean chrome concentrate was 59-60 yuan/mtu; the offer for 48-50% Zimbabwean chrome concentrate ore was 60-61 yuan/mtu; the offer for 40-42% Turkish chrome lump ore was 64-65 yuan/mtu; the offer for 46-48% Turkish chrome concentrate was 65.5-66.5 yuan/mtu, up 0.5 yuan/mtu MoM from the previous trading day. Futures side, the latest offer for 40-42% South African fines was $297/mt, flat MoM.

During the day, the chrome ore market operated steadily, with spot offers rising slightly, awaiting weekly offers from overseas mines. The market period after the holiday resumption is short, ferrochrome producers had sufficient raw material stockpiling before the holiday, and current inquiry activity is limited. The market is mostly wait-and-see, with limited transactions. Spot side, influenced by lower port inventory and higher costs for purchasing arriving high-priced ore, traders show a clear attitude to hold prices firm. Meanwhile, new ferrochrome capacity in China is gradually being released, with most producers maintaining normal production status, providing rigid support for ore purchasing demand. In the short term, the chrome ore market operates steadily with a positive trend. For forward spot, the last round offer price for South African 40-42% chrome concentrate before the holiday was flat at $297/mt, and most market participants maintain a wait-and-see attitude. Mainstream steel mills' steel tenders held flat to support the market, with many awaiting a new round of overseas offers. The Zimbabwean government announced an export ban, suspending all exports of raw ore and lithium concentrates, which currently has limited impact on domestic chrome ore supply.