[SMM Chromium Daily Review] Prices Continue to Decline, Market Under Pressure

On November 18, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,000-8,100 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,050-8,150 yuan/mt (50% metal content); in east China, the quotation was 8,100-8,300 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported material, the quotation for South African high-carbon ferrochrome was 8,200-8,400 yuan/mt (50% metal content); the quotation for Kazakh high-carbon ferrochrome was 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

Intraday ferrochrome prices were not adjusted, with the market mostly awaiting the new round of steel mill tender prices, and expectations were mainly bearish, highlighting pessimistic sentiment. End-use demand was significantly weak, with both the stainless steel futures and spot markets continuing to decline. Production cuts combined with losses prompted steel mills, which generally had limited purchase willingness, to lower raw material purchase prices, leading to a continuous decline in ferrochrome retail quotations. Meanwhile, chrome ore futures offer prices softened, and ferrochrome smelting costs edged down, with weakening support. Overall, trading activity in the ferrochrome market was sluggish, with limited actual transaction volumes, and the market is expected to remain in the doldrums in the short term.

Raw material side, on November 18, 2025, spot 40-42% South African concentrate at Tianjin Port was quoted at 53.5-54 yuan/mtu; 40-42% South African raw ore was quoted at 48-49 yuan/mtu; 46-48% Zimbabwean chrome concentrate was quoted at 55-55.5 yuan/mtu; 48-50% Zimbabwean chrome concentrate was quoted at 55.5-56.5 yuan/mtu; 40-42% Turkish chrome lump ore was quoted at 57-59 yuan/mtu; 46-48% Turkish chrome concentrate was quoted at 63.5-64.5 yuan/mtu, flat MoM from the previous trading day. For futures, the offer price for 40-42% South African concentrate was lowered to $274-276/mt.

Intraday, the chrome ore market was in the doldrums, with prices continuing to decline, and traders held mostly pessimistic expectations. Buyers primarily engaged in just-in-time procurement, with limited inquiry willingness, opting to wait for the new round of steel mill tender prices before making purchases. However, sellers' spot chrome ore prices were approaching cost levels, with some already incurring losses, leading to insufficient willingness to further cut prices, resulting in limited market movement. For futures, the new offer price for overseas South African concentrate from the main mine fell by $7 to $275/mt. Domestic traders, under bearish expectations, showed general purchase willingness, making transactions difficult. The support from high ferrochrome production schedules for chrome ore is gradually fading. The chrome ore market is expected to remain weak in the short term, awaiting guidance from the new round of steel mill tenders and overseas market quotations.