[SMM Chromium Daily Review] Market Sentiment Was Poor, and Trading Activity Was Sluggish

On November 6, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,150-8,200 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,200-8,250 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,250-8,400 yuan/mt (50% metal content), flat MoM. For imported ferrochrome, offers for South African high-carbon ferrochrome were 8,100-8,400 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,100-9,400 yuan/mt (50% metal content), flat MoM.

The ferrochrome market saw little change during the day, with downstream purchases remaining cautious and spot transactions limited. Demand side, officially entering the off-season, stainless steel market pessimism intensified amid losses, leading to production schedule adjustments and a slight decrease in planned production for November, correspondingly reducing procurement demand for ferrochrome. Supply side, although imported ferrochrome remained low, domestic ferrochrome producers maintained active production amid profitability, keeping output high and significantly alleviating previous tightness, exerting some downward pressure on ferrochrome prices. The market holds bearish expectations, and the ferrochrome market is expected to remain in the doldrums in the short term.

Raw material side, on November 6, 2025, spot offers for 40-42% South African concentrate at Tianjin Port were 54.5-55 yuan/mtu; 40-42% South African raw ore were 48.5-49.5 yuan/mtu; 46-48% Zimbabwean chrome concentrate powder were 55-56 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore were 56.5-58 yuan/mtu; 40-42% Turkish chrome lump ore were 58.5-60 yuan/mtu; 46-48% Turkish chrome concentrate powder were 65-66 yuan/mtu, flat MoM. For futures, offers for 40-42% South African concentrate were $279-282/mt; 48-50% Zimbabwean chrome concentrate powder were $340-350/mt, flat MoM.

The chrome ore market mainly saw rigid demand transactions during the day, with flat overseas futures offers providing some support. In the spot market, weak stainless steel prices pressured ferrochrome prices, and coupled with sufficient raw material inventories and futures supplements for ferrochrome producers, there were no centralized purchase plans, mainly rigid demand inquiries. Meanwhile, noting the downward trend in chrome ore offers, ferrochrome producers countered with bids below 54 yuan/mtu, but spot prices approaching cost lines made further price reductions difficult, currently a tug-of-war between sellers and buyers. Additionally, the price spread between Zimbabwean chrome concentrate ore and South African concentrate narrowed gradually, making Zimbabwean concentrate relatively more economical and attracting higher inquiry interest. For futures, the new round of offers from major overseas mines for South African 40-42% chrome concentrate powder remained flat at $282/mt. Ferrochrome producers maintain certain profitability with no clear production cut plans for now, thus stable ferrochrome production continues to provide some demand support for chrome ore. However, chrome ore shipments and supply continue to fluctuate at highs, and market expectations for future price trends are not optimistic. Attention is focused on whether overseas market futures offers show signs of softening. In the short term, the chrome ore market is expected to remain in the doldrums.