[SMM Daily Review] Chromium series prices remain stable, with no short-term fluctuations

On July 14, 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 on a MoM basis.

There were no adjustments to the quoted prices for ferrochrome during the day, and the market was expected to remain largely stable in the short term. Currently, there are fewer low-priced goods in the retail market, and ferrochrome producers prioritize fulfilling long-term agreement orders, with quoted prices concentrated in the 7,800-8,000 yuan/mt (50% metal content) range, with limited short-term adjustments and fluctuations. Additionally, entering the off-season for consumption, downstream stainless steel producers face losses and have expectations for production cuts, which may weaken the future demand for ferrochrome. However, the July steel tender price was unexpectedly flat, allowing ferrochrome producers to repair their profits and resume production more actively. Subsequent supply is expected to become surplus, weakening the support for ferrochrome prices. Despite the support from the flat steel tender price, ferrochrome prices are expected to remain largely stable, but the market holds a pessimistic attitude towards next month's steel tender price, expecting it to fall. In the short term, the market will mainly wait for the next round of steel tenders to be issued, maintaining a stable operation.

On the raw material side, on July 14, 2025, the spot 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 49-51 yuan/mtu; the quoted price for 46-48% Zimbabwe chrome concentrate powder was 56-57 yuan/mtu; and the quoted price for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu, unchanged from the previous trading day on a MoM basis. In the futures market, 40-42% South African powder ore remained stable at $265-270/mt.

The chrome ore market remained stable during the day. Affected by the market downturn during the off-season, chrome ore traders hold a pessimistic outlook for the future market, with generally low purchase activity to avoid the risk of losses caused by a decline in chrome ore prices after stockpiling a large amount of goods. Additionally, ferrochrome producers purchase chrome ore on demand, mainly restocking through spot orders, with generally weak overall demand. Chrome ore prices lack upward momentum and are expected to remain largely stable. Recently, the port arrivals of Zimbabwe chrome ore have been relatively low, with tight supply and strong price support. The inquiry sentiment for South African raw ore is good, with an increase in actual trading volume.