[SMM Daily Chromium Review] Chromium market remains stable, awaiting the next round of steel tenders

On July 17, 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 quotation for high-carbon ferrochrome from South Africa was 7,800-8,000 yuan/mt (50% metal content), and that from Kazakhstan 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 retail quotations for ferrochrome during the day, and the short-term market was expected to remain stable. As the steel tender pricing approached, the market sentiment was relatively calm, with retail prices fluctuating relatively little. Producer quotations were concentrated within the 7,800-8,000 yuan/mt (50% metal content) range. The support for ferrochrome supply and demand gradually weakened. The July steel tender pricing was unexpectedly flat, allowing ferrochrome producers to repair their profits. They were more active in resuming production and increasing output, leading to a significant increase in production. However, downstream stainless steel prices were low, and the market was sluggish, facing losses due to cost inversion, and there might be a sentiment to drive down prices. Therefore, the market was relatively pessimistic about the steel tender pricing for the next month, holding a bearish attitude.

In terms of raw materials, on July 17, 2025, the spot quotation for 40-42% South African powder at Tianjin Port was 54-55 yuan/mtu; the quotation for 40-42% South African raw ore was 49-51 yuan/mtu; the quotation for 46-48% Zimbabwe chrome concentrate powder was 56-57 yuan/mtu; and the quotation 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 remained stable at $265-270/mt.

The chrome ore market was stable during the day, with all parties waiting for the next round of steel tender pricing. The overall sentiment was relatively mediocre. Ferrochrome producers slowed down their raw material procurement actions. On the one hand, most of the restocking and stockpiling demands had been met earlier; on the other hand, considering the bearish outlook for steel tenders, producers expected chrome ore prices to fall and worried about losing their cost advantages. Compared to the relatively mediocre inquiry sentiment from factories, chrome ore traders had more purchasing and warehousing actions recently. However, due to the unclear outlook for the future market, the purchasing volume was relatively small, and most traders were waiting for the official implementation of steel tenders before making subsequent procurement plans. The chrome ore market was expected to remain stable in the short term.