Chrome ore imports remain high, demand is insufficient, bullish expectations drive chrome ore prices to fluctuate upward [SMM Analysis]

Published: Mar 28, 2025 18:10

Save

【SMM Analysis: Chrome Ore Imports Remain High Despite Insufficient Demand, Bullish Expectations Drive Chrome Ore Prices to Fluctuate Upward】According to China Customs statistics, China's chrome ore imports in January 2025 reached 1.7226 million mt, down 276,100 mt MoM, a decrease of 13.81%, and down 234,800 mt YoY, a decrease of 12%. In January, China imported 1.4556 million mt of chrome ore from South Africa. In February 2025, China's chrome ore imports reached 1.8244 million mt, up 101,800 mt MoM, an increase of 5.91%, and up 363,200 mt YoY, an increase of 24.85%. In February, China imported 1.5981 million mt of chrome ore from South Africa. From January to February 2025, China's total chrome ore imports reached 3.547 million mt, up 128,400 mt YoY, an increase of 3.75.

SMM March 28 News: According to China Customs statistics, China's chrome ore imports in January 2025 were 1.7226 million mt, down 276,100 mt MoM, a decrease of 13.81%, and down 234,800 mt YoY, a decrease of 12%. In January, China imported 1.4556 million mt of chrome ore from South Africa. In February 2025, China's chrome ore imports were 1.8244 million mt, up 101,800 mt MoM, an increase of 5.91%, and up 363,200 mt YoY, an increase of 24.85%. In February, China imported 1.5981 million mt of chrome ore from South Africa. From January to February 2025, China's total chrome ore imports were 3.547 million mt, up 128,400 mt YoY, an increase of 3.75%.

According to the SMM survey, domestic high-carbon ferrochrome steel tender prices have remained low in recent months. Under such circumstances, domestic ferrochrome producers have shown low production willingness, with insufficient operating rates, leading to a pull back in demand for chrome ore. However, chrome ore imports have remained at a high level, causing port inventories to continuously rise, and the monthly inventory-to-sales ratio has rebounded to above 2. Despite this supply-demand imbalance, chrome ore prices have not been affected. Earlier, chrome ore prices had fallen to a periodic low, but current stainless steel production has increased, and the concentration of chrome ore supply is high, coupled with fewer shipments from mines holding low-priced ore. Considering these factors, the market expects chrome ore imports to decline in March, thus showing strong confidence in a future price increase. Driven by this expectation, chrome ore futures prices have risen by $70 since the end of the Chinese New Year holiday to this week. Currently, chrome ore prices are rising rapidly, but steel tender prices are difficult to match, making it hard for ferrochrome producers to fully recover from losses, and increasing ferrochrome production faces challenges, thus limiting the growth in demand for chrome ore. Overall, the current supply-demand imbalance in chrome ore is not prominent. Going forward, it is still necessary to focus on stainless steel production schedules and the trend of high-carbon ferrochrome steel tender prices.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

19 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

19 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

19 hours ago

20 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

20 hours ago