[SMM Chromium Daily Review] Chromium Market Stable with Weakening Trend, Inquiries Sluggish and Transactions Weak

On October 13, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,400-8,600 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, offers for high-carbon ferrochrome were 8,500-8,700 yuan/mt (50% metal content), down 50 yuan/mt (50% metal content) MoM from the previous trading day. For imported ferrochrome, South African high-carbon ferrochrome was offered at 8,100-8,400 yuan/mt (50% metal content); Kazakh high-carbon ferrochrome was offered at 9,100-9,400 yuan/mt (50% metal content), up 100 yuan/mt (50% metal content) MoM from the previous trading day.

Market activity was moderate at the beginning of the week, with a sluggish atmosphere for inquiries and transactions. Traders' stockpiling operations before the holiday led to increased selling pressure. Coupled with falling stainless steel prices due to tariff news, ferrochrome producers showed weaker reluctance to budge on prices. Amid weak demand, offers were lowered, fluctuating slightly around 8,500 yuan/mt (50% metal content). In addition, spot chrome ore prices also edged down recently, and the immediate smelting cost for ferrochrome gradually declined, providing limited support for ferrochrome prices. Considering that stainless steel planned production remained at a high level, demand for ferrochrome stayed strong. However, active production by domestic producers eased supply tightness. The overall supply-demand for ferrochrome maintained a tight balance, making a significant price decline unlikely in the short term. Most producers held a stable outlook for the market, awaiting the new round of steel mill tender prices.

On the raw material side, on October 13, 2025, at Tianjin Port, spot 40-42% South African concentrate was offered at 56-57 yuan/mtu; 40-42% South African raw ore was offered at 51.5-53 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 58-59 yuan/mtu; 48-50% Zimbabwean chrome concentrate was offered at 59-62 yuan/mtu; 40-42% Turkish lumpy chrome ore was offered at 60-61 yuan/mtu; 46-48% Turkish chrome concentrate was offered at 66-67 yuan/mtu, down 1 yuan/mtu MoM from the previous trading day. In the futures market, 40-42% South African concentrate was offered at $280-284/mt; 48-50% Zimbabwean chrome concentrate was offered at $345-355/mt, flat MoM from the previous trading day.

The chrome ore market was generally stable with slight fall during the day, dominated by back-and-forth negotiations between upstream and downstream, with limited transactions. On the seller side, port inventory continued to increase, raising holding pressure for traders. Enhanced willingness to sell pushed down some spot chrome ore prices. On the buyer side, due to pre-holiday stockpiling and futures restocking, ferrochrome producers recently focused on consuming their own inventory, slowing down the procurement pace. Many inquiries aimed to drive down prices, leading to a stalemate in negotiations between buyers and sellers. In the futures market, on October 11, a large South African mine sold 30,000 mt of 40-42% chrome concentrate at $282/mt at Tianjin Port, up $2/mt MoM. Given the active futures transactions before the holiday, overseas miners mostly adopted a wait-and-see approach towards the new round of steel mill tender prices, showing moderate urgency to sell. From a macro perspective, the South African government's plan to impose additional tariffs on chrome ore exports has reignited discussions, with divergent views on the taxation policy domestically, drawing close market attention. SMM will continue to monitor subsequent policy developments.