[SMM Daily Chromium Review] Chromium market operates strongly and steadily, with inquiries improving and quoted prices rising

On July 28, 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 on a MoM basis.

The ferrochrome market operated strongly and steadily during the day, with inquiry operations increasing and the market atmosphere improving. TISCO and Tsingshan lowered their steel tender prices for August by 200 yuan and 100 yuan respectively, but the retail price of ferrochrome saw a slight increase. On one hand, most ferrochrome producers were focused on fulfilling long-term agreement orders, with limited tradeable volumes in the retail market. On the other hand, the continuous rise in coke prices increased the smelting cost of high-carbon ferrochrome, strengthening the support for prices and leading to a high reluctance among producers to budge on prices. Additionally, the downstream stainless steel market rebounded due to macro policies, with futures and spot prices rising simultaneously and the trading atmosphere improving. The realization of previous production cut expectations was limited, potentially benefiting the demand for ferrochrome. The inquiry sentiment for ferrochrome recovered, with producers raising their offers slightly by 50-100 yuan/mt (50% metal content), pending actual transaction follow-up.

In terms of raw materials, on July 28, 2025, the spot offer for 40-42% South African powder at Tianjin Port was 54-55 yuan/mtu; for 40-42% South African raw ore, it was 49-51 yuan/mtu; for 46-48% Zimbabwe chrome concentrate powder, it was 56-57 yuan/mtu; and for 40-42% Turkish chrome lump ore, it was 60-61 yuan/mtu, unchanged from the previous trading day on a MoM basis. At the futures level, 40-42% South African powder remained stable at $265-270/mt.

The chrome ore market continued its previous stable trend during the day, with no adjustments to offers. The slight drop in steel tender prices for August, combined with the continuation of flat offers from the new round of the most-traded mine, supported market confidence in the chrome ore market. Concerns about previous price declines dissipated, and expectations for the market remained largely stable in the near term. On one hand, ferrochrome producers began purchasing raw materials for restocking according to their production schedules, releasing some purchasing demand. On the other hand, chrome ore traders were actively purchasing and building inventories, with a good trading atmosphere for chrome ore futures inquiries. It is expected that the chrome ore market will operate largely steadily in the short term.