[SMM Chromium Daily Review] Market Operates Steadily After the Holiday, Inquiries and Transactions Await Release

On October 9, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price of high-carbon ferrochrome was 8,500-8,700 yuan/mt (50% metal content); the quoted price for high-carbon ferrochrome in east China was 8,500-8,700 yuan/mt (50% metal content); the quoted price for South African high-carbon ferrochrome was 8,100-8,400 yuan/mt (50% metal content); the quoted price for Kazakh high-carbon ferrochrome was 9,000-9,300 yuan/mt (50% metal content), flat MoM from the previous trading day.

Post-holiday, the ferrochrome market operated steadily with no price adjustments, awaiting follow-up inquiries and purchases. According to South African customs statistics, South Africa's total exports of high-carbon ferrochrome in August 2025 were 80,400 mt, down 33.8% MoM and down 73.7% YoY; exports to China were 38,200 mt, up 100% MoM but down 66.8% YoY; exports to Mozambique were 4,800 mt, down 88.3% MoM and down 96.1% YoY. South African ferrochrome smelting operations remain largely stagnant, and subsequent imports of ferrochrome are expected to remain low. The resulting tight supply of ferrochrome has stimulated domestic producers to actively produce. Recently, a high-carbon ferrochrome producer in Inner Mongolia successively resumed production of submerged arc furnaces, with full normal production expected to be restored by mid-October, affecting monthly production by approximately 50,000 mt. Ferrochrome production in October may reach a new peak. Meanwhile, the downstream stainless steel market is gradually resuming operations, with planned production remaining high. Demand for ferrochrome is yet to be released, supporting producers' reluctance to budge on prices. The ferrochrome market is expected to operate steadily in the short term.

Raw material side, on October 9, 2025, spot 40-42% South African concentrate at Tianjin Port was quoted at 56.5-58 yuan/mtu; 40-42% South African raw ore was quoted at 51.5-53 yuan/mtu; 46-48% Zimbabwean chrome concentrate powder was quoted at 58-59 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was quoted at 59-62 yuan/mtu; 40-42% Turkish chrome lump ore was quoted at 60-61 yuan/mtu; 46-48% Turkish chrome concentrate powder was quoted at 66-67 yuan/mtu, flat MoM from the previous trading day. Futures side, 40-42% South African concentrate was offered at $280-284/mt; 48-50% Zimbabwean chrome concentrate powder was offered at $345-355/mt, flat MoM from the previous trading day.

On the first trading day after the holiday, the chrome ore market saw quiet trading activity, with inquiries and purchases yet to recover. Prior to the holiday, ferrochrome producers mostly engaged in stockpiling. During the National Day holiday, they primarily consumed their existing inventory, with no significant purchasing activity. Considering chrome ore inventory is gradually being drawn down, and high ferrochrome production schedules support future chrome ore demand, increasing chrome ore shipments and imports continue to somewhat suppress any potential upward price movement. Global chrome ore shipments exceeded 3 million mt in September. According to South African customs statistics, South Africa's total chrome ore exports in August 2025 were 2.1803 million mt, down 1.6% MoM but up 32.3% YoY; exports to China were 1.1733 million mt, up 28.3% MoM and up 68.3% YoY. The chrome ore market is expected to operate steadily in the short term, awaiting the release of market demand, with actual transaction follow-up.