[SMM Daily Chromium Review] Price Increases Slowed Down, and the Chromium Market Operated Steadily

As of March 23, 2026, ferrochrome quotations remained unchanged. Inner Mongolia high-carbon ferrochrome was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 10,300-10,400 yuan/mt (50% metal content).

At the beginning of the week, the ferrochrome market operated steadily. Last week, mainstream steel mills announced April steel tender prices up by 150 yuan, below the market’s earlier bullish expectations, which affected trading sentiment to some extent. However, elevated costs still strongly supported retail ferrochrome prices. Chrome ore prices remained high, pushing ferrochrome production costs further upward. Producers faced the risk of losses, and many have recently made maintenance and production cut plans, so supply is expected to tighten going forward. Meanwhile, stimulated by improving expectations for the peak consumption season of “Golden March and Silver April,” inquiry and transaction activity in the downstream stainless steel market increased. With planned production rising sharply, existing raw material inventories continued to be consumed, and procurement demand for ferrochrome was gradually released. Ferrochrome prices are expected to remain firm in the short term, and attention should be paid to subsequent adjustments in producers’ production plans.

Raw material side, as of March 23, 2026, chrome ore prices remained stable. Tianjin Port 40-42% South African concentrate; 40-42% Turkish lumpy chrome ore; and 48-50% Zimbabwean concentrate were unchanged from the previous trading day’s quotations. On the CIF futures side, the weekly quotation for 40-42% South African concentrate rose to $315/mt.

At the beginning of the week, the chrome ore market remained temporarily stable, while gains in futures and spot quotations diverged. On the spot side, the price increase of South African concentrate slowed and held steady at 60-61 yuan/mtu; Zimbabwean concentrate prices edged up due to tight spot availability; and higher quotations in the overseas market for mainstream chrome ore grades supported further gains in spot prices. According to customs data, chrome ore imports fell significantly in February 2026, and reduced supply supported chrome ore prices at high levels. However, April steel tender prices came in below the expected increase, and many ferrochrome producers had maintenance plans, weakening demand for chrome ore somewhat and limiting further upside room for prices. On the futures side, overseas suppliers showed a clear intention to hold prices firm, while higher ocean freight rates supported chrome ore futures quotations at elevated levels. South African concentrate was raised to $315/mt; Zimbabwean concentrate held steady at $375/mt; and Turkish lumpy ore quotations broke above $390/mt. Affected by some fear of high prices, traders in China were relatively cautious in purchases. Overall, the chrome ore market remained generally stable with slight rise amid the tug-of-war between sellers and buyers, and attention should be paid to the impact of changes in ferrochrome producers’ production plans going forward.