On September 10, 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 9,000-9,300 yuan/mt (50% metal content), flat MoM from the previous trading day.
During the day, the ferrochrome market held up well. After retail prices rose to highs, producers mostly refused to budge on prices, waiting for downstream acceptance to improve, with actual transactions following up. Supply and demand, tight supply and released demand were the main factors driving ferrochrome prices higher. As the peak consumption season officially began, downstream stainless steel planned production rebounded to highs, significantly boosting chrome demand and supporting continued upward adjustments in ferrochrome offers. Ferrochrome producers' profits were secured, keeping production enthusiasm high, and output continued to increase, making up for the supply gap caused by a sharp decline in ferrochrome imports. The overall ferrochrome market maintained a tight balance, with strong bullish sentiment. Cost side, steadily rising chrome ore prices pushed up ferrochrome costs, supporting upward price movements. A new round of South African offers rose by $4, expected to drive up spot ore prices and increase smelting costs for ferrochrome, significantly outweighing the downward impact of lower coke prices. The ferrochrome market is expected to remain strong in the short term.
Raw material side, on September 10, 2025, the spot offer for 40-42% South African fines at Tianjin Port was 56.5-57.5 yuan/mtu; for 40-42% South African raw ore, 51.5-53 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, 58-59 yuan/mtu; for 48-50% Zimbabwean chrome concentrate, 59-62 yuan/mtu; for 40-42% Turkish chrome lump ore, 60-61 yuan/mtu; for 46-48% Turkish chrome concentrate, 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 $278-280/mt; 48-50% Zimbabwean chrome concentrate was offered at $345-355/mt, up $4/mt MoM from the previous trading day.
During the day, the chrome ore market operated steadily. Another round of higher overseas market offers boosted trader confidence, and spot ore prices may follow suit. Driven by increased ferrochrome production, existing chrome ore inventory was consumed faster, and many ferrochrome producers purchased ore for restocking and stockpiling, with inquiry sentiment clearly recovering during the day. Additionally, after traffic restrictions at Tianjin Port were lifted, many cargo pick-up operations occurred. Chrome ore transport capacity remained tight, though freight rates were gradually declining, expected to return to normal by mid-September. Domestic low- and micro-carbon ferrochrome demand for high-grade chrome concentrates has increased. Coupled with Zimbabwe's current peak export season and tight shipping capacity, chrome ore shipping costs have risen, driving up Zimbabwean chrome ore offers. Futures side, a major South African mine at Tianjin Port offered a new round of futures for 40-42% chrome concentrates at $279/mt with a chrome-to-iron ratio of 1.3, up $2/mt MoM from the September 2 offer. Shipment is scheduled before month-end October, with procurement volume options of 10,000 mt to 15,000 mt. Chrome ore futures price adjustments maintained mild increases, mainly considering the suppressive effect on prices from continued high chrome ore supply. Domestic traders' acceptance of high-priced futures needs further improvement. With demand release, the chrome ore market is mostly bullish. Follow-up transactions will be closely watched. The chrome ore market is expected to operate generally stable with a slight rise in the short term.
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