[SMM Daily Review] Upward momentum in ferrochrome retail prices is insufficient, while the chrome ore market remains stable for the time being

On June 30, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,800-7,900 yuan/mt (50% metal content); in Sichuan and north-west China, it was also 7,800-7,900 yuan/mt (50% metal content). The quoted price for high-carbon ferrochrome from South Africa was 7,800-8,000 yuan/mt (50% metal content), and from Kazakhstan, it was 8,800-9,000 yuan/mt (50% metal content), up slightly by 50 yuan/mt (50% metal content) MoM from the previous day. The ferrochrome market remained stable during the day. Although the flat steel tender boosted market confidence and producers' willingness to raise prices increased, downstream purchase willingness remained low, and actual transactions in the retail market were still limited. Coupled with the production cut plans in the downstream stainless steel sector, which led to poor demand for ferrochrome, there was insufficient momentum for ferrochrome prices to rise. Northern quotes were concentrated in the 7,800-7,900 yuan/mt (50% metal content) range. It is expected that the ferrochrome market will remain stable in the short term.

On the raw material side, chrome ore prices remained stable during the day, with transactions mostly driven by just-in-time restocking and purchases. On June 30, 2025, the spot cargo price for 40-42% South African powder ore at Tianjin Port was 54-55 yuan/mtu; the quoted price for 40-42% South African raw ore was 48-50 yuan/mtu; the quoted price for 46-48% Zimbabwe chrome concentrate powder was 55.5-56.5 yuan/mtu; and the quoted price for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu, unchanged from the previous trading day. After the flat steel tender sentiment was digested, the short-term purchase demand of ferrochrome producers gradually released, and inquiry sentiment increased. However, the downstream stainless steel market downturn, coupled with production cut news, made ferrochrome producers relatively cautious to avoid demand traps. Therefore, they maintained just-in-time restocking for chrome ore purchases. It is expected that the chrome ore market will remain stable in the short term.