[SMM Chromium Daily Review] Wait-and-See Sentiment Dominated with Limited Transactions, Chromium Market Remained Stable

On April 29, 2026, retail quotations for high-carbon ferrochrome were slightly adjusted, with Inner Mongolia high-carbon ferrochrome at 8,400-8,550 yuan/mt (50% metal content).

The ferrochrome market was in the doldrums during the day. The sentiment boost from the steel mill tender price raise had largely dissipated, with the market mostly in wait-and-see mode and limited actual transactions. Retail quotations were down 25 yuan/mt (50% metal content) WoW. Currently, the ferrochrome supply-demand balance is relatively stable. Although the downstream stainless steel market showed signs of recovery, procurement demand for ferrochrome remained limited, with most buyers planning to wait until after the Labour Day holiday. Overall, support for ferrochrome prices was limited. In summary, the ferrochrome market is expected to maintain a stable trend in the short term, with attention on actual post-holiday transaction conditions.

Raw material side, on April 29, 2026, chrome ore spot prices saw no adjustment, while futures prices remained firm. Tianjin port quotations for 40-42% South African fines, 40-42% Turkish lumpy ore, and 48-50% Zimbabwean fines were flat from the previous trading day. On the CIF futures front, 40-42% South African fines were offered at $318/mt, unchanged.

The chrome ore market operated steadily during the day, with the market mostly in wait-and-see mode, awaiting further clarity on demand after the Labour Day holiday. Spot side, ferrochrome production remained relatively stable, and combined with a notable decline in port inventory, suppliers saw eased shipment pressure, with quotations stabilizing and some willingness to explore higher prices. The chrome ore market is expected to remain stable in the short term. Futures side, the most-traded contract from major South African 40-42% fines mines maintained its weekly offer at $318/mt, with overseas market quotations remaining firm on cost support. However, traders were not particularly optimistic about the chrome ore outlook, resulting in weak purchase willingness and a certain degree of fear of high prices.