[SMM Daily Review] Limited Fluctuations in Ferrochrome Market, Chrome Ore Prices Remain Relatively Stable

On July 8, 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 offer 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), unchanged from the previous trading day. Ferrochrome prices remained stable during the day, with limited short-term market fluctuations. Recently, a high-carbon ferrochrome enterprise in Inner Mongolia resumed production of a 30,000 KVA submerged arc furnace, which is expected to impact monthly production by 5,000 mt. On the supply and demand side, with downstream stainless steel producers continuing to cut production, ferrochrome production is expected to increase, which may exert some pressure on future prices. On the cost side, chrome ore prices remained stable, and the immediate smelting cost of ferrochrome provided relatively stable support for ferrochrome prices. With limited market fluctuations, producers had low willingness to adjust prices, and offers were concentrated in the 7,800-7,900 yuan/mt (50% metal content) range. It is expected that the ferrochrome market will operate smoothly in the short term.

On the raw material side, chrome ore prices remained stable during the day, with some release in purchase demand. On July 8, 2025, the spot offer for 40-42% South African powder at Tianjin Port was 54-55 yuan/mtu; the offer for 40-42% South African raw ore was 49-51 yuan/mtu; the offer for 46-48% Zimbabwe chrome concentrate powder was 55.5-56.5 yuan/mtu; and the offer for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu, unchanged from the previous trading day. On the futures front, the new round of offers for 40-42% South African powder continued to hold steady at $265/mt. The current market trend is stable, with ferrochrome production increase plans driving ferrochrome producers to purchase raw materials. Inquiry sentiment has rebounded somewhat, and actual transactions have increased. It is expected that the chrome ore market will operate smoothly in the short term.