On July 23, 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.
The ferrochrome market operated smoothly during the day, with prices remaining unchanged, and most participants were waiting for steel mills to offer prices. On the cost side, chrome ore prices remained stable, and the second round of coke price increases took effect. Subsequently, the immediate smelting cost of ferrochrome would rise slightly, providing some support for ferrochrome prices. Currently, ferrochrome was mainly delivered under long-term agreements, with limited tradable volumes in the market. Producer quotes remained firm, and ferrochrome prices were expected to be largely stable in the short term. Downstream stainless steel markets were boosted by macro tailwinds, with increased market activity. However, the fundamental supply-demand imbalance still needed to be addressed. This had a slightly mediocre impact on market sentiment in the ferrochrome market, with most participants waiting for the next round of steel mill tenders to offer prices. Considering the low demand from steel mills and the significant increase in ferrochrome supply, the market expected prices to fall in the next round of steel mill tenders.
In terms of raw materials, on July 23, 2025, the spot price for 40-42% South African powder ore 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 powder 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 a MoM basis. In the futures market, 40-42% South African powder ore remained stable at $265-270/mt.
The chrome ore market continued its previous stable trend during the day, with quotes remaining unchanged. As the steel mill tender offering period approached, most market participants were waiting and observing. Ferrochrome producers slowed down their purchases, planning to make adjustments after the steel mill tenders were finalized. Traders, considering the uncertain outlook for chrome ore development in the future, chose to purchase small volumes and build inventories during the price stability period. Currently, the supply of South African raw ore and Zimbabwe chrome ore was relatively tight, with inquiry enthusiasm for these types of chrome ore rebounding compared to other categories, leading to an increase in actual trading volume. On the macro perspective, market participants were mostly concerned about the subsequent impact of the 2.0 supply-side reform and the implementation of export controls on South African chrome ore. In the short term, the chrome ore market was expected to have limited fluctuations, and purchasing activity would remain mediocre before the next month's steel mill tender prices were finalized.
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