[SMM Chrome Daily Review] Ferrochrome Market Operates Strongly and Steadily, Chrome Ore Prices Slightly Adjusted Upward

On September 18, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,450-8,550 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,600 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 operated strongly and steadily. Pre-holiday stocking demand remained to be released, and market bullish sentiment persisted as participants awaited the October steel mill tender price. The upward adjustment in chrome ore futures offers boosted spot market confidence, and ore costs continued to rise steadily. Considering that coke prices were relatively stable, production costs provided increasing support for ferrochrome prices, and producers showed reluctance to budge on prices, with offers concentrated in the range of 8,500-8,600 yuan/mt (50% metal content). At the same time, with the approaching National Day holiday and the boost from the September-October peak season, downstream steel mills, amid high planned production, engaged in procurement and stockpiling, strengthening demand for ferrochrome. Recent inquiry activity rebounded somewhat. Bullish market sentiment was prominent, with many traders holding back sales, waiting for ferrochrome prices to rise before selling. The ferrochrome market is expected to remain strong and stable in the short term, pending the release of October steel mill tender prices.

Raw material side, on September 18, 2025, spot South African 40-42% fines at Tianjin Port were offered at 56.5-58 yuan/mtu; South African 40-42% raw ore at 51.5-53 yuan/mtu; Zimbabwean 46-48% chrome concentrate at 58-59 yuan/mtu; Zimbabwean 48-50% chrome concentrate at 59-62 yuan/mtu; Turkish 40-42% chrome lumps at 60-61 yuan/mtu; Turkish 46-48% chrome concentrate at 66-67 yuan/mtu, flat MoM from the previous trading day. Futures side, South African 40-42% fines were offered at $278-280/mt; Zimbabwean 48-50% chrome concentrate at $345-355/mt, flat MoM from the previous trading day.

During the day, the chrome ore market operated steadily. The slight rise in futures prices provided some support to the spot market. To avoid excessively high future production costs and due to pre-holiday stockpiling demand, ferrochrome plants recently made inquiries and purchases. Trading activity for South African fines was good, while demand for Zimbabwean chrome concentrate weakened, with limited sales. Futures side, on the 17th, 5,000 mt of South African 40-42% fines traded at a high of $284/mt. Today, a major mine raised its new round offer by $1 to $280/mt. Overseas miners showed a strong willingness to sell, while the sharp rise in ferrochrome prices prompted chrome ore traders to be optimistic about the market outlook. Coupled with high ferrochrome production schedules, which provided rigid demand support for chrome ore, futures maintained a stable upward trend. The chrome ore market is expected to operate with strong stability, with limited price fluctuations in the short term.