[SMM Chromium Daily Review] Supply Continues to Increase, Market Remains in the Doldrums

On November 10, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,100-8,200 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,150-8,250 yuan/mt (50% metal content); in east China, the offer price was 8,250-8,350 yuan/mt (50% metal content), flat 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 9,100-9,250 yuan/mt (50% metal content), flat MoM from the previous trading day.

Market fluctuations were limited at the start of the week, continuing the previous weak trend. As the off-season officially began, downstream stainless steel market performance was sluggish, and spot prices were affected by the difficulty in recovery of end-use demand. Production schedules were frequently adjusted. Although the actual implementation of November production cuts might be relatively limited, market participants' confidence in ferrochrome remained insufficient, with many holding bearish expectations. Under these circumstances, domestic ferrochrome capacity was gradually released. During the day, a high-carbon ferrochrome enterprise in Inner Mongolia successfully ignited a 45,000 KVA electric furnace, which is expected to affect monthly ferrochrome production by 8,000 mt. With production fluctuating at highs and supply growing steadily, the ferrochrome market is expected to operate under pressure going forward.

Raw material side, on November 10, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 54.5-55 yuan/mtu; for 40-42% South African raw ore, it was 48.5-49.5 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, it was 55-56 yuan/mtu; for 48-50% Zimbabwean chrome concentrate ore, it was 56.5-58 yuan/mtu; for 40-42% Turkish lumpy ore, it was 58-60 yuan/mtu; for 46-48% Turkish chrome concentrate, it was 65-66 yuan/mtu, all flat MoM from the previous trading day. In the futures market, offers for 40-42% South African concentrate were $279-282/mt; for 48-50% Zimbabwean chrome concentrate, offers were $340-350/mt, flat MoM from the previous trading day.

At the start of the week, the inquiry and transaction atmosphere in the chrome ore market was sluggish, with a continued tug-of-war between buyers and sellers. Production cut plans made by the stainless steel market during the off-season affected the confidence of chrome ore traders. Coupled with continuously increasing chrome ore supply and rising shipment pressure, the chrome ore market remained in the doldrums. In this context, on the demand side, ferrochrome producers had relatively sufficient raw material inventory, often supplemented by futures, thus having no immediate plans for concentrated purchases, mainly inquiring based on rigid demand. In the futures market, as ferrochrome producers maintained certain profitability, there were no clear production cut plans for the time being. Stable ferrochrome production still provided some demand support for chrome ore, with the offer price for 40-42% South African concentrate from major overseas mines holding steady at $282/mt. While this provided some support to the chrome ore market, transactions for high-priced futures were relatively difficult, and offer prices from other small and medium-sized miners showed signs of softening. Mainstream market expectations leaned pessimistic, believing that chrome ore prices could drop slightly, with market participants waiting for guidance from the December steel mill tender price amid the ongoing tug-of-war between buyers and sellers. The chrome ore market is expected to remain in the doldrums in the short term.