[SMM Chrome Daily Review] Prices Continued to Rise, Market Remained Stable with Upward Momentum

On September 8, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,400-8,500 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,450-8,550 yuan/mt (50% metal content); in east China, the offer price was 8,500-8,600 yuan/mt (50% metal content); the offer price for South African high-carbon ferrochrome was 7,900-8,000 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 8,900-9,100 yuan/mt (50% metal content), up 25-50 yuan/mt (50% metal content) MoM from the previous trading day.

The ferrochrome market remained strong and stable during the day, with rising offers driven by downstream demand. Despite fluctuating costs at highs, profits remained considerable. As the peak consumption season officially began, stainless steel planned production rebounded to highs, significantly boosting chromium demand and supporting continuous upward adjustments in ferrochrome offers. Ferrochrome producers maintained healthy profits and high production enthusiasm, with output steadily increasing to compensate for the supply gap caused by a sharp decline in overseas ferrochrome imports. The overall ferrochrome market maintained a tight balance, with strong bullish sentiment. Cost side, the first round of coke price cuts took effect, slightly reducing coke costs for high-carbon ferrochrome production. Chrome ore prices held steady with cautious upward adjustments, keeping overall production costs fluctuating at highs, providing relatively limited support for prices. The ferrochrome market is expected to hold up well in the short term.

Raw material side, on September 8, 2025, the spot offer for 40-42% South African fines at Tianjin Port was 56-57.5 yuan/mtu; the offer for 40-42% South African raw ore was 51.5-53 yuan/mtu; the offer for 46-48% Zimbabwean chrome concentrate was 58-59 yuan/mtu; the offer for 48-50% Zimbabwean chrome concentrate was 59-62 yuan/mtu; the offer for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu, and the offer for 46-48% Turkish chrome concentrate was 65-66 yuan/mtu, flat MoM from the previous trading day. Futures side, the offer for 40-42% South African fines was $275-278/mt; the offer for 48-50% Zimbabwean chrome concentrate was $345-355/mt, flat MoM from the previous trading day.

The chrome ore market operated steadily during the day, with inquiries common at the start of the week but limited transactions, leaving market activity room for improvement. The lifting of transport restrictions at Tianjin Port eased logistics bottlenecks, reducing freight costs. Producers mostly followed production schedules for raw material purchases, with demand gradually emerging. Additionally, increased ferrochrome production created rigid demand for restocking and stockpiling among producers, improving downstream acceptance and pushing spot offers higher. The price increase for low- and micro-carbon ferrochrome was more pronounced, boosting demand for high-grade chrome ore. Zimbabwean chrome concentrate offers continued to rise with smooth shipments. Futures side, mainstream South African chrome ore offers rose $2 last week, with some actual transactions. The market now awaits new overseas offers, with traders holding bullish views amid demand release. The chrome ore market is expected to remain generally stable with slight rise in the short term.