[SMM Chrome Daily Review] Ferrochrome Market Remains Stable, Chrome Ore Trading Still Sluggish

On October 15, 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.

The ferrochrome market operated steadily during the day, with no significant improvement in inquiry and transaction activity. Demand side, downstream stainless steel prices were weak, and traders were cautious in purchasing amid rising social inventory, resulting in moderate procurement demand for ferrochrome and frequent price reduction efforts. Meanwhile, high domestic ferrochrome production has somewhat alleviated the previous tight supply situation, loosening price support. Cost side, the recent weakening trend in prices of key raw material chrome ore has lowered immediate smelting costs for ferrochrome, further weakening price support. Overall, downstream stainless steel production schedules remain high, providing rigid demand for ferrochrome. The market is largely awaiting the new round of steel mill tender prices, and the ferrochrome market is expected to maintain stable operation in the short term.

Raw material side, on October 15, 2025, spot 40-42% South African concentrate at Tianjin Port 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 chrome lump 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. Futures side, 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 remained in the doldrums during the day, characterized by a tug-of-war between sellers and buyers, with limited actual transaction volumes. Seller side, some traders, constrained by inventory pressure, showed increased willingness to sell, slightly lowering their offers. Zimbabwean chrome concentrate experienced the most significant fluctuations, while South African concentrate saw relatively small changes, with a general reluctance to budge on prices due to high purchase costs. Buyer side, ferrochrome producers still hold raw material inventory, resulting in weak purchase demand. Noting the decline in chrome ore offers, they frequently counter-offered with lower prices, mainly seeking low-cost sources. Futures side, the latest transaction price for 40-42% South African concentrate was $282/mt, up $2/mt MoM. Given that ferrochrome producers currently maintain some profit margins, the price increase for futures chrome ore is moderately acceptable. The chrome ore market is expected to operate steadily in the short term, awaiting the new round of steel mill tenders and overseas market quotations.