[SMM Daily Review] Steel bidding prices remain unchanged, market operates steadily for now

On June 24, 2025, the ex-factory prices of high-carbon ferrochrome in Inner Mongolia were 7,700-7,900 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory prices were 7,800-7,900 yuan/mt (50% metal content). The quoted prices for high-carbon ferrochrome from South Africa were 7,800-8,000 yuan/mt (50% metal content), and from Kazakhstan, they were 8,800-9,000 yuan/mt (50% metal content), unchanged from the previous trading day on a MoM basis. The ferrochrome market remained stable during the day. Tsingshan Group announced a steel tender price of 8,095 yuan/mt (50% metal content) for July, unchanged MoM from June. Earlier, influenced by weak downstream demand and declining chrome ore prices, which reduced costs, market sentiment was relatively pessimistic, with expectations of a 300-400 yuan decrease in the steel tender price. This flat pricing exceeded market expectations, boosting producer confidence, and ferrochrome prices are expected to increase in the future. It is anticipated that the ferrochrome market will remain stable in the short term.

On the raw material side, chrome ore prices were relatively stable. Influenced by the flat steel tender pricing, traders' willingness to sell at low prices weakened, while inquiry sentiment rebounded somewhat. On June 24, 2025, the spot prices for 40-42% South African powder at Tianjin Port were 54-55 yuan/mtu; 46-48% Zimbabwe chrome concentrate powder was quoted at 55-56 yuan/mtu; 40-42% Turkish chrome lump ore was quoted at 60-61 yuan/mtu. The futures price for 40-42% South African powder remained in the range of 265-270 US dollars/mt, unchanged from the previous trading day on a MoM basis. With market confidence boosted, chrome ore traders' expectations improved, and the likelihood of further price declines diminished. Meanwhile, ferrochrome producers' procurement and restocking demand increased, and inquiry sentiment rose. It is anticipated that the ferrochrome market will remain stable in the short term.