[SMM Chromium Daily Review] Steel Tender Bids at Flat Prices, Market Running Stable for Now

On May 22, 2026, retail quotations for high-carbon ferrochrome saw no adjustment, with Inner Mongolia high-carbon ferrochrome holding steady at 8,250-8,400 yuan/mt (50% metal content).

The ferrochrome market remained stable during the day. Tsingshan and TISCO announced their June steel mill tender prices for high-carbon ferrochrome, flat WoW at 8,495 yuan/mt (50% metal content) & 8,295 yuan/mt (50% metal content), largely in line with earlier market expectations. After mainstream steel mills issued flat offers, market pessimism eased somewhat, with participants waiting for sentiment to be digested before seeing whether downstream steel mill purchase demand would be released next week. Cost side, chrome ore continued its downward trend, overall smelting costs shifted lower, and bottom support weakened. Retail ferrochrome quotations were adjusted down by 25 yuan/mt (50% metal content) WoW this week. The ferrochrome market is expected to maintain a generally stable with slight fall trend in the near term.

Raw material side, on May 22, 2026, quotations at Tianjin port for 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines remained flat from the previous trading day. On the CIF futures front, the latest quotation for 40-42% South African fines was $300/mt.

The chrome ore market showed no notable fluctuations during the day. Spot side, although the steel mill tender prices landed flat, the boost to the market was limited. Shipment pressure from high-level chrome ore port inventory persisted, and traders showed a strong willingness to sell. The current trading atmosphere was sluggish, with participants mostly watching how downstream ferrochrome plants' purchase performance would unfold. Chrome ore spot quotations were adjusted down by 0.75 yuan/mtu WoW this week, and the chrome ore market is expected to remain in the doldrums in the near term. Futures side, major ex-China mines for South African fines quoted $300/mt on a weekly basis, and quotations for other categories of chrome ore also pulled back accordingly. The spread between futures and spot prices narrowed. Coupled with ferrochrome production remaining at high levels, downstream ferrochrome plants increased purchases recently, while traders mostly adopted a wait-and-see stance. Virtual trading volume was limited, and the overall market continued to be under pressure.