[SMM Chrome Daily Review] Ferrochrome Market Generally Stable with Slight Fall, Chrome Ore Transactions Remain Weak

On October 30, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,200-8,400 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,300-8,400 yuan/mt (50% metal content); in east China, the offer price was 8,400-8,500 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.

During the day, the ferrochrome market was generally stable with slight fall. Under the influence of steel mill production cuts, subsequent demand is expected to weaken, and ferrochrome is likely to be under pressure. With a certain profit margin maintained on the supply side, ferrochrome producers are actively producing, and production remains high, effectively making up for the supply gap caused by the reduction in imported ferrochrome. However, the downstream stainless steel market has entered the off-season, gradually reducing its production schedule, leading to a corresponding weakening in demand for ferrochrome. With these factors offsetting each other, there is still a risk of a slight decline in ferrochrome prices in the future market.

Raw material side, on October 30, 2025, the spot offer for 40-42% South African powder at Tianjin Port was 55-55.5 yuan/mtu; for 40-42% South African raw ore, the offer was 49-50 yuan/mtu; for 46-48% Zimbabwean chrome concentrate powder, the offer was 56-57 yuan/mtu; for 48-50% Zimbabwean chrome concentrate ore, the offer was 57-59 yuan/mtu; for 40-42% Turkish chrome lump ore, the offer was 59.5-60.5 yuan/mtu; for 46-48% Turkish chrome concentrate powder, the offer was 65-66 yuan/mtu, down 0.5 yuan/mtu MoM from the previous trading day. In the futures market, the offer for 40-42% South African powder was $280-284/mt; for 48-50% Zimbabwean chrome concentrate powder, the offer was $340-350/mt, flat MoM from the previous trading day.

During the day, trading in the chrome ore market remained sluggish, with ferrochrome producers mainly making inquiries and purchases based on rigid demand, and the pressure to drive down prices through counteroffers remained strong. Considering that the current price of Zimbabwean chrome concentrate powder is close to that of South African powder, inquiries for Zimbabwean powder have increased due to its economic advantages. Mainstream lump ore prices remain relatively firm with small fluctuations due to limited spot resources. In the futures market, the latest offer for 40-42% South African powder remained unchanged at $282/mt, and overseas market quotes for chrome ore remained stable. High planned production of ferrochrome supports short-term demand for ore, but the impact of steel mill production cuts affects future market expectations, domestic purchase willingness is average, and some overseas miners' offers have also softened. South African chrome ore export permits and related taxes remain a recent market focus, pending follow-up developments. The chrome ore market is expected to be in the doldrums in the short term.