[SMM Daily Review] Chromium series prices remain stable, with limited short-term market fluctuations

On July 10, 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), unchanged from the previous trading day. There was no adjustment in the ferrochrome price during the day, and short-term market fluctuations were limited. On the supply and demand side, affected by the off-season in consumption, the downstream stainless steel market remained stagnant with sluggish trading. Despite a significant reduction in planned production, domestic ferrochrome output increased notably, narrowing the supply gap and gradually leading to a surplus, which may exert some pressure on future prices. Meanwhile, the continued reduction in imported ferrochrome has, to a certain extent, curbed the speed of ferrochrome surplus. 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 quoted prices were concentrated within the 7,800-7,900 yuan/mt (50% metal content) range. Additionally, as the 90-day grace period approaches, uncertainty over US tariff policies has increased, with the downstream stainless steel and chrome-related markets adopting a wait-and-see attitude. It is expected that the ferrochrome market will operate smoothly in the short term.

On the raw material side, there was no adjustment in chrome ore prices during the day, and the market was expected to remain stable in the short term. On July 10, 2025, the spot price for 40-42% South African concentrate at Tianjin Port was 54-55 yuan/mtu; 40-42% South African raw ore was quoted at 49-51 yuan/mtu; 46-48% Zimbabwe chrome concentrate was quoted at 56-57 yuan/mtu; and 40-42% Turkish chrome lump ore was quoted at 60-61 yuan/mtu, unchanged from the previous trading day. On the futures front, 40-42% South African concentrate held steady at $265-270/mt. The current market trend was stable, with improved inquiry sentiment for South African raw ore and Zimbabwe chrome concentrate. Southern producers actively resumed production, increasing the demand for South African raw ore purchases, and actual trading volume increased. Additionally, after the previous low-price dumping, traders currently held Zimbabwe chrome concentrate with relatively high grades and tight supply, leading to a slight increase in quoted prices. It is expected that the chrome ore market will operate smoothly in the short term.