[SMM Chromium Daily Review] Inquiries and Transactions Sluggish, Market Expectations Bearish

On November 11, 2025, the ex-factory price for high-carbon ferrochrome in Inner Mongolia was 8,050-8,200 yuan/mt (50% metal content); in Sichuan and north-west China, it was 8,100-8,250 yuan/mt (50% metal content); in east China, the quotation was 8,200-8,300 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) MoM from the previous trading day; for imported ferrochrome, South African high-carbon ferrochrome was quoted at 8,100-8,400 yuan/mt (50% metal content); Kazakhstan high-carbon ferrochrome was quoted at 9,100-9,250 yuan/mt (50% metal content), unchanged MoM from the previous trading day.

The ferrochrome market operated in the doldrums during the day. With the end-of-year off-season, the downstream stainless steel market lacked confidence, and weakening end-use demand prompted steel mills to make production cuts, affecting the procurement pace of ferrochrome. Meanwhile, new domestic capacity was gradually being put into operation, and with profit margins still available, ferrochrome producers actively produced, leading to high production levels. The previously tight supply situation had significantly eased, further suppressing ferrochrome prices. Cautious purchasing and difficulty in selling led to a continuous decline in retail ferrochrome prices. Market participants generally held bearish expectations, and the prevailing view was that the new round of steel mill tender prices for high-carbon ferrochrome might fall by 200-400 yuan. It is expected that the ferrochrome market will be under pressure in the short term.

In terms of raw materials, on November 11, 2025, the spot price for 40-42% South African concentrate at Tianjin Port was 54.5-54.75 yuan/mtu; 40-42% South African raw ore was quoted at 48.5-49.5 yuan/mtu; 46-48% Zimbabwean chrome concentrate was quoted at 55-56 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was quoted at 56.5-58 yuan/mtu; 40-42% Turkish chrome lump ore was quoted at 58-60 yuan/mtu, and 46-48% Turkish chrome concentrate ore was quoted at 65-66 yuan/mtu, unchanged MoM from the previous trading day. In the futures market, 40-42% South African concentrate was offered at $279-282/mt; 48-50% Zimbabwean chrome concentrate was offered at $340-350/mt, unchanged MoM from the previous trading day.

During the day, the chrome ore market saw low trading activity, with upstream and downstream players mostly adopting a wait-and-see approach. Buyers and producers, who still had some raw material inventory, slowed down their purchases due to the arrival of futures, focusing mainly on essential needs and maintaining strong pressure to drive down prices. Additionally, the weakening of low and micro-carbon ferrochrome prices affected the demand for high-grade chrome concentrate, resulting in very limited actual transactions. On the seller side, with weak demand and ongoing inventory buildup, traders faced increasing pressure to sell, but as spot prices approached cost lines, there were attempts to hold prices firm, slowing the pace of further price declines. In the futures market, the overseas main mine's offer for 40-42% South African concentrate remained steady at $282/mt, providing some support to the chrome ore market. However, with weak demand and difficult transactions, domestic buyers were cautious and mainly observing. In the short term, the relatively high ferrochrome production supported the demand for ore, with the market waiting for guidance from the new round of steel mill tenders and overseas market quotes.