Morgan Stanley: Tesla vehicles in Use to See Explosive Growth

[SMM Titanium Flash] Kenmare Resources confirmed on 6 October that International Resources Holdings had submitted a non-binding proposal for a possible cash offer for all Kenmare shares. Discussions are continuing, but no price or firm offer has been announced. Under Irish takeover rules, IRH must state a firm intention to bid or withdraw by 17 November unless the deadline is extended. Kenmare operates Mozambique’s Moma mine, which produces titanium minerals including ilmenite and rutile. A change of ownership could affect future financing and development, but no acquisition has been agreed. Kenmare’s statement reported no change to Moma’s production plans.

South Africa’s ferrochrome industry faces a broader competitiveness challenge despite progress on electricity-cost relief, according to discussions at Project Blue’s Critical Materials Conference in Johannesburg on September 8–9, reported by Engineering News on October 9. The negotiated electricity tariff of around 62 cents/kWh for selected ferrochrome smelters, subject to regulatory approval, offers potential relief to producers facing high operating costs. However, industry participants stressed that lower power costs alone will not guarantee a sustained recovery, as logistics efficiency, plant performance, access to capital and policy certainty remain critical to the viability of domestic smelting. The challenge reflects a structural imbalance in the chromium value chain: South Africa remains a major chrome ore supplier, while China has become the leading ferrochrome producer, supported by processing scale and proximity to stainless-steel demand. A durable recovery in South African smelting therefore depends on whether tariff relief can be complemented by reliable transport, efficient operations and investment in existing capacity. For the chrome market, a sustained increase in domestic ferrochrome production could redirect some ore towards local furnaces rather than exports, although the scale and timing of any change will depend on actual smelter utilization and market conditions.

As of October 9, 2026, China’s total chrome ore inventory at ports rose to 4.996 million mt, up 113,600 mt (+2.33%) from 4.882 million mt on September 30, the first increase after three straight weekly declines. The comparison spans the National Day holiday, with the prior dataset cut on September 30. Stocks remain 321,800 mt (-6.05%) below the September 11 peak of 5.318 million mt. Tianjin Port accounted for the entire rebound, rising 141,300 mt (+3.30%) to 4.4192 million mt, lifting its share of the national total to 88.5% from 87.6%. Other ports drew a combined 27,700 mt: Qinzhou plus Fangchenggang fell 12,700 mt (-3.22%) to 381,600 mt, Chongqing fell 10,000 mt (-12.50%) to 70,000 mt, and Lianyungang fell 5,000 mt (-7.69%) to 60,000 mt. Shanghai, Caofeidian and other ports, and Zhanjiang were unchanged. The Tianjin build reflects weak offtake during the holiday. Trading stalled, overseas suppliers suspended offers to China, and smelters made only small restocking purchases. Mainstream mills had cut October ferrochrome tender prices by RMB 200 per 50mt unit, and high-carbon ferrochrome output fell 3.17% MoM in September on cost inversion, with southern output down 23.33%, which likely left southern ports with thin arrivals rather than strong consumption. Departures also held at 624,900-660,600 mt for three weeks to October 2, well above the mid-to-late August lull, so stronger arrivals are likely to keep Tianjin stocks elevated into mid-October.