[SMM Chrome Daily Review] Overseas Ore Prices Declined, Market Expectations Remained Weak

On May 14, 2026, retail quotations for high-carbon ferrochrome remained unadjusted, with Inner Mongolia high-carbon ferrochrome at 8,350-8,400 yuan/mt (50% metal content).

The ferrochrome market ran steadily during the day, with retail quotations flat WoW. The downstream stainless steel market fluctuated downward. Concerns arose over monetary policy tightening triggered by the change of Fed Chairman, with futures and spot prices weakening. Steel mills showed limited purchase willingness for ferrochrome, and actual transactions were insufficient. Chrome ore overseas market quotations were lowered, and spot prices carried expectations of hidden declines. Smelting cost support for ferrochrome weakened, and the ferrochrome market is expected to remain in the doldrums in the near term.

Raw material side, on May 14, 2026, spot chrome ore saw limited fluctuations, while futures quotations were lowered. At Tianjin port, 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines quotations were flat from the previous trading day. On the CIF futures front, the latest quotation for 40-42% South African fines was $305/mt.

The chrome ore market performed sluggishly during the day, with minor adjustments in both domestic and overseas market quotations. Spot side, constrained by high port inventory levels, traders holding cargo softened their quotations, with some concession-based shipments operations, and while overall quotation changes were limited, the room for negotiation on transactions widened. Downstream ferrochrome plants mostly adopted a wait-and-see attitude, with limited purchase willingness and moderate trading activity. Moreover, as chrome ore overseas market quotations moved lower, Chinese market participants lacked confidence and were rather cautious in making purchases. Futures side, major ex-China mines lowered their weekly quotations by $13 WoW to $305/mt. Currently, traders still hold bearish expectations for future chrome ore prices, and purchase operations remain very cautious, with transactions mostly driven by rigid demand. Overall, wait-and-see sentiment prevailed in the market.