Imports of Chrome Ore Continued to Fall, Can Prices Remain High amid the Expectation of Consumption Improvement?

[SMM Analysis] SS Futures Consolidation and Supply Recovery Amid Weak Off-Season Demand Lead to Slight Stainless Steel Inventory Buildup SMM July 30 news: This week, stainless steel social inventory continued to build up, edging slightly higher as the supply-demand surplus during the off-season remained evident. Total inventory in the two core markets of Wuxi and Foshan edged up from 929,900 mt on July 23, 2026, to 930,600 mt on July 30, up 0.08% WoW, maintaining a mild accumulation trend with the overall buildup relatively manageable. This week, the market was in the traditional consumption off-season, while high temperatures constrained downstream processing and construction activities, keeping terminal rigid demand persistently weak. During the week, SS futures fell first and then rose amid macro influences, consolidating in a range. The repeated fluctuations in futures deepened the wait-and-see sentiment in the spot market, with downstream users only purchasing on a rigid demand basis and no concentrated restocking taking place. Transactions remained mediocre and inventory digestion was slow. Marginal supply-side easing was the main reason for the inventory buildup, as steel mills that had previously undergone maintenance gradually resumed production, and industry operating rates steadily recovered. August production is expected to increase, with incremental supply being released. Weak off-season demand struggled to absorb the additional supply, exacerbating the supply-demand mismatch and driving a slight accumulation in social inventory. Overall, the off-season combined with high temperatures led to weak terminal rigid demand and sluggish transactions, which were the core factors behind the inventory buildup. Meanwhile, steel mill production resumptions and recovering supply further compounded the supply-demand surplus. Futures consolidation only briefly affected market sentiment, unable to trigger sustained restocking or reverse the off-season inventory buildup trend. Currently, off-season fundamentals dominated the market, with tepid demand recovery and steadily increasing supply leaving inventory under pressure…

[SMM Titanium Flash] SMM, July 31 — In July 2026, China's titanium dioxide production was 338,700 mt, down 1.59% MoM but up 1.50% YoY, with cumulative production down 5.74% YoY, and July production edged down. On the inventory side, producer inventories reached 306,800 mt in July, up 23.26% MoM but down 22.01% YoY. Sluggish demand from downstream coatings, plastics and other industries led to high inventories at enterprises. To ease inventory pressure, small and medium-sized producers took the lead in cutting prices to sell. Falling prices combined with cost pressure deepened enterprises' losses, eventually leading to production cuts and shutdowns at some enterprises, with the industry operating rate edging down slightly.

[SMM Titanium Express] SMM July 31: China's sponge titanium production reached 27,100 tonnes in July 2026, up 5.45% month-on-month and 17.49% year-on-year, with cumulative growth of 12.26%. Operating rates remained at high levels. Prices for Grade 0 sponge titanium were quoted at RMB 45,000-46,000/ton, down approximately RMB 3,000/ton month-on-month, amid weak summer demand and sluggish exports, with rising inventories putting pressure on prices. Downstream buyers had considerable room for negotiation in a soft market.