[SMM Chrome Daily Review] Ferrochrome Prices Continue to Rise, Chrome Ore Market Remains Stable

On September 9, 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 8,000-8,200 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,000-9,200 yuan/mt (50% metal content), up 100-150 yuan/mt (50% metal content) MoM from the previous trading day.

The ferrochrome market held up well during the day, with producers continuously raising offers and downstream acceptance gradually increasing, pending actual transaction follow-up. Cost side, coke still had some downside room after the first round of price cuts, reducing producers' coke costs; however, chrome ore prices rose steadily, keeping ore costs high and supporting firm ferrochrome prices. Supply and demand side, as the peak consumption season officially began, downstream stainless steel planned production rebounded to high levels, significantly boosting chromium demand and supporting continuous upward adjustments in ferrochrome offers. Ferrochrome producers' profits were secured, maintaining high production enthusiasm, while output continued to strengthen, offsetting the supply gap caused by a sharp decline in overseas ferrochrome imports. The overall ferrochrome market remained in a tight balance, with strong bullish sentiment, and is expected to hold up well in the short term.

Raw material side, on September 9, 2025, spot 40-42% South African fines at Tianjin Port were offered at 56.5-57.5 yuan/mtu; 40-42% South African raw ore at 51.5-53 yuan/mtu; 46-48% Zimbabwean chrome concentrate at 58-59 yuan/mtu; 48-50% Zimbabwean chrome concentrate at 59-62 yuan/mtu; 40-42% Turkish chrome lump ore at 60-61 yuan/mtu; 46-48% Turkish chrome concentrate at 66-67 yuan/mtu, up 0.5 yuan/mtu MoM from the previous trading day. Futures side, 40-42% South African fines were offered at $275-278/mt; 48-50% Zimbabwean chrome concentrate at $345-355/mt, flat MoM from the previous trading day.

The chrome ore market operated steadily during the day, with frequent inquiries but limited actual transactions, as participants largely awaited this week's new round of overseas market offers, keeping overall price fluctuations limited. After the lifting of vehicle restrictions at Tianjin Port, freight rates pulled back, coupled with continuous ferrochrome production increases, boosting producers' raw material purchase demand and inquiry activity, though acceptance of ore prices remained to be seen. Low- and micro-carbon ferrochrome prices rose more noticeably, driving stronger demand for high-grade chrome ore, with Zimbabwean chrome concentrate offers continuing to climb and smooth shipments; South African fines prices remained relatively stable, awaiting developments. Futures side, last week’s mainstream South African chrome ore offers rose by $2, with some actual transactions concluded, and traders largely held bullish views amid demand release, expecting the chrome ore market to remain generally stable with slight rise in the short term.