October Chrome Ore Imports Reached 1.5362 Million mt; Ferrochrome Producers Faced Losses, Chrome Ore Market Struggled to Recover [SMM Analysis]

According to Chinese customs statistics, China imported 1.5362 million mt of chrome ore in October 2024, down 429,000 mt MoM (21.83% decrease); up 53,500 mt YoY (3.61% increase). In October, China imported 1.1864 million mt of chrome ore from South Africa. From January to October 2024, China's total chrome ore imports reached 17.2211 million mt, up 2.6915 million mt YoY (18.52% increase).

According to SMM, despite the significant decrease in chrome ore imports in October, the total annual import volume still showed substantial growth. SMM comprehensive shipping data indicates that the shipment volume of chrome ore from overseas countries remains stable, suggesting that chrome ore imports in November might rebound. However, currently, ferrochrome producers are generally operating at a loss, with an increased willingness to reduce or halt production, leading to a decline in raw material procurement. Additionally, influenced by recent steel tenders, overseas quotations for chrome ore have started to fall, and market purchasing attitudes have become more cautious. It is expected that with the reduction in ferrochrome production by year-end, chrome ore prices may continue to decline.