A 12.5% US forced-labor tariff on South African goods took effect on July 24, 2026, and unlike finished steel products, ferrochrome received no exclusion from the levy. Finished steel benefits from an exemption tied to existing Section 232 steel duties, but ferrochrome, classified as an alloy input rather than a finished steel article, has never fallen under that programme, leaving it fully exposed to the new tariff. The exposure carries outsized weight given the scale of US dependence on South African supply. South Africa supplies 96% of the chromite ore imported into the United States and remains the largest single source of finished ferrochrome alloy for the US market, while the country mines close to 45% of the world's chromite ore output. According to the US Geological Survey's February 2026 Mineral Commodity Summaries, the US has no domestic chromite mine production at all and carries a 79% net import reliance on chromium, with recycled stainless scrap covering the remainder. Writing in Business Day, ferrochrome-sector adviser Millard Arnold, a former US deputy assistant secretary of state and former US minister counsellor for commercial affairs at the US embassy in South Africa, argued that most ferrochrome still enters the US through spot markets rather than structured long-term offtake agreements, in contrast to China, which he said has locked in long-term supply arrangements with South African producers to feed its own steel industry. Arnold called for Washington to treat ferrochrome with the same strategic urgency applied to rare earths, pointing to development-finance-backed offtake deals and precedents such as the US Defense Production Act's Title III, under which the UK and Australia were designated eligible critical-minerals sources, as models Washington could extend to South Africa. Whether US policymakers act on that case, rather than allowing the new tariff to stand unaddressed, remains an open question that will shape how much of South Africa's ferrochrome trade continues gravitating toward China in the interim.

[SMM Titanium Spot Express: Titanium Dioxide Market Remains in the Doldrums, Supply Divergence Persists as Prices Creep Upward Slowly] On September 2, the SMM titanium dioxide index stood at 14,080 yuan/mt, with quotes for all grades unchanged. Supply-side cargo divergence was evident in the market, with some enterprises offering discounts to move inventory. Downstream demand remained weak with no concentrated restocking yet, and the effectiveness of price adjustments still needs to be verified. In the short term, prices are expected to consolidate.