[SMM Chrome Daily Review] Ferrochrome Spot Transactions Limited, Chrome Ore Prices Slightly Fluctuated

On October 14, 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, the offer price was 8,500-8,700 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for South African high-carbon ferrochrome was 8,100-8,400 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,100-9,400 yuan/mt (50% metal content), flat MoM from the previous trading day.

During the day, the ferrochrome market operated generally stable with slight fall, with no significant improvement in inquiry and transaction activity. Demand side, downstream stainless steel prices declined, social inventory rose, leading to moderate purchasing demand for ferrochrome and frequent price reduction efforts. Meanwhile, pre-holiday stockpiling by traders resulted in strong selling pressure, leading to slight downward adjustments in offers. Cost side, the prices of key raw material chrome ore showed a weakening trend recently, and immediate smelting costs for ferrochrome decreased, providing limited support to prices. Overall, although downstream stainless steel production schedules remained high, domestic ferrochrome output also grew, easing the previous supply tightness. The market largely awaited the new round of steel mill tender prices, and the ferrochrome market is expected to remain in the doldrums in the short term.

Raw material side, on October 14, 2025, the spot offer for 40-42% South African fines at Tianjin Port was 56-57 yuan/mtu; the offer for 40-42% South African raw ore was 51.5-53 yuan/mtu; the offer for 46-48% Zimbabwean chrome concentrate was 58-59 yuan/mtu; the offer for 48-50% Zimbabwean chrome concentrate ore was 59-62 yuan/mtu; the offer for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu; the offer for 46-48% Turkish chrome concentrate was 66-67 yuan/mtu, down 1 yuan/mtu MoM from the previous trading day. Futures side, the offer for 40-42% South African fines was $280-284/mt; the offer for 48-50% Zimbabwean chrome concentrate was $345-355/mt, flat MoM from the previous trading day.

During the day, the chrome ore market maintained a weak operating trend, with a sluggish inquiry atmosphere and limited actual transaction volumes. Seller side, port inventory fluctuated at highs coupled with sustained growth in import shipments, increasing holding pressure for domestic chrome ore traders and enhancing their willingness to sell. Although offers for Zimbabwean chrome ore appeared somewhat chaotic, the overall trend still showed a slight downward adjustment; offers for South African fines experienced relatively small fluctuations due to concentrated supply. Buyer side, ferrochrome producers mostly consumed their existing inventory, resulting in weak purchasing demand. Noting the decline in chrome ore offers, buyers frequently attempted to drive down prices with counteroffers, leading to a stalemate between buyers and sellers. Futures side, the latest transaction price for 40-42% South African fines was $282/mt, up $2/mt MoM. Considering that ferrochrome producers currently maintain some profit, the price increase for futures chrome ore was moderately acceptable. The chrome ore market is expected to operate steadily in the short term, pending the new round of steel tenders and overseas market offers.