[SMM Chromium Daily Review] Confidence Somewhat Boosted, Awaiting Bids from Other Steel Tenders

On April 23, 2026, retail quotations for high-carbon ferrochrome remained unchanged, with Inner Mongolia high-carbon ferrochrome at 8,400-8,550 yuan/mt (50% metal content).

The ferrochrome market operated steadily during the day. Supported by TISCO's 100 yuan increase in the May steel mill tender price, market confidence strengthened somewhat, with participants mainly waiting for steel mill tender prices from other mainstream steel mills. Retail quotations remained unchanged. Chrome ore prices stopped falling and stabilized temporarily, with production costs still in a high range. However, downstream stainless steel demand had not yet recovered, and actual transactions remained sluggish, dominated by long-term contract orders, with limited activity in the retail market. In the short term, ferrochrome prices are expected to move sideways, awaiting the finalization of subsequent steel mill tenders and demand release for guidance.

Raw material side, on April 23, 2026, chrome ore spot prices were stable, and futures prices remained firm. At Tianjin port, 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines quotations were flat compared with the previous trading day. On the CIF futures front, 40-42% South African fines were quoted at $318/mt this week, unchanged.

The chrome ore market performed steadily during the day, with the steel mill tender price raise boosting traders' confidence to hold prices firm. On the spot front, port inventory of ordinary chrome ore fines stayed high, and suppliers still faced shipments pressure. However, downstream ferrochrome producers' purchase willingness had not yet improved significantly, with inquiries mainly driven by rigid demand. High-grade Zimbabwean chrome concentrate and mainstream lump ore remained supported in quotations due to relatively tight supply, while overall trading activity was sluggish, with most participants waiting for follow-up steel mill tenders and demand release signals. On the futures front, major mines maintained quotations for South African 40-42% fines at $318/mt. Cost side, tight fuel supply supported prices, but China's producers, affected by the steel mill tender cycle, had limited willingness for large-scale purchases, with only a small volume of rigid demand inquiries. The market temporarily moved sideways.