[SMM Chromium Daily Review] Market Performance Is Poor, Awaiting Steel Tender Pricing

On October 22, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,300-8,500 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,400-8,500 yuan/mt (50% metal content); in east China, the offer price was 8,500-8,600 yuan/mt (50% metal content), down 50-75 yuan/mt (50% metal content) MoM from the previous trading day. For imported material, 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 performed in the doldrums during the day. Downstream stainless steel mills remained cautious about purchasing ferrochrome, with weak inquiry sentiment and limited actual transactions. The flat tender price from a major northern stainless steel mill provided limited support to the market. Participants mainly awaited offers from other mainstream steel mills, with market expectations mostly for flat prices. In addition, continued declines in chrome ore prices led to looser smelting costs for ferrochrome, providing insufficient support. However, considering there is no news of production cuts from downstream stainless steel mills, rigid demand for ferrochrome remains supportive. The ferrochrome market is expected to operate in the doldrums in the short term.

Raw material side, on October 22, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 55.5-56 yuan/mtu; for 40-42% South African raw ore, it was 50-51 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, it was 57-58 yuan/mtu; for 48-50% Zimbabwean chrome concentrate, it was 58-61 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, down 0.5-1.25 yuan/mt MoM from the previous trading day. In the futures market, the offer for 40-42% South African concentrate was $280-284/mt; for 48-50% Zimbabwean chrome concentrate, it was $340-350/mt, down $5 MoM from the previous trading day.

The chrome ore market was in the doldrums during the day. Back-and-forth negotiations between upstream and downstream led to limited actual transactions in chrome ore. Sellers mostly made offers, but buyers' efforts to drive down prices through counteroffers remained strong. Port inventory continued to accumulate, coupled with high import levels. Some traders, facing financial pressure, proactively lowered prices to liquidate promptly. Other traders, constrained by high costs and supported by rigid demand for ore from ferrochrome, temporarily refrained from making public offers, mainly awaiting prices from other mainstream steel mills. In the futures market, the latest overseas market offer for South African 40-42% chrome concentrate during the day was $282/mt, again flat. Considering potential future increases in chrome ore supply, domestic traders' purchase willingness is 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.