[SMM Chromium Daily Review] Chromium Market Remains Stable, Steel Tender Flat Pricing Boosts Confidence

On October 21, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,400-8,500 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,550 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); for Kazakh high-carbon ferrochrome, the offer price was 9,100-9,400 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market remained stable during the day. The flat steel mill tender price for high-carbon ferrochrome from a major stainless steel mill in the north for November somewhat stabilized market sentiment. However, recent inquiry and transaction performance in the ferrochrome market remained weak. Downstream stainless steel mills maintained cautious purchasing, and traders lowered offers due to shipment pressure, with continued bargaining dominating. Additionally, weak chrome ore prices led to loosening smelting costs for ferrochrome, providing insufficient support. However, considering that downstream stainless steel planned production remained high at 3.45 million mt, the overall ferrochrome market maintained a tight balance. In the short term, downside room for prices is limited, and the market awaits tender prices from other mainstream steel mills.

Raw material side, on October 21, 2025, the spot offer for 40-42% South African fines at Tianjin Port was 56-56.5 yuan/mtu; for 40-42% South African raw ore, it was 51-52 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, it was 57.5-58.5 yuan/mtu; for 48-50% Zimbabwean chrome concentrate ore, it was 59-61.5 yuan/mtu; for 40-42% Turkish chrome lump ore, it was 60-61 yuan/mtu; for 46-48% Turkish chrome concentrate, it was 65-66 yuan/mtu, flat MoM from the previous trading day. For futures, the offer for 40-42% South African fines was $280-284/mt; for 48-50% Zimbabwean chrome concentrate, it was $345-355/mt, flat MoM from the previous trading day.

The chrome ore market performance remained weak during the day, with prices continuing to decline. Ferrochrome producers had sufficient inventory and were not urgent to purchase. High planned production of ferrochrome offset high supply of chrome ore, leaving no significant downside room for the chrome ore market in the short term. However, some traders were concerned about continued inventory buildup of chrome ore. To recoup funds and realize cash promptly, they actively lowered offers. For futures, the latest transaction for 40-42% South African fines was 20,000 mt, with the price flat at $282/mt. Considering that chrome ore supply may continue to increase, domestic traders' purchase willingness was moderate. The market is mainly watching the implementation of South Africa's chrome ore export tax policy. In the short term, the chrome ore market is expected to operate generally stable with slight fall.