[SMM Chromium Daily Review] Slow Shipments and Difficult Transactions, Market Awaits Steel Tender Pricing

On November 19, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,900-8,100 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,000-8,150 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,100-8,300 yuan/mt (50% metal content), down 50 yuan/mt (50% metal content) MoM from the previous trading day. For imported material, offers for South African high-carbon ferrochrome were 8,200-8,400 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

As the market entered a new round of steel mill tender pricing, both upstream and downstream participants adopted a wait-and-see approach, resulting in limited transactions and shipments. Demand side, the year-end off-season continued to weigh on consumption; stainless steel prices declined, facing losses, leading to widespread production cut plans, which directly reduced procurement demand for chrome. Supply side, new capacity was released, and ferrochrome production is expected to fluctuate at highs, eliminating previous tightness. The market operated under pressure, with many sellers offering discounts to clear inventory. Meanwhile, chrome ore prices declined slowly, lowering smelting costs for ferrochrome and weakening price support. Market sentiment was sluggish, transactions were limited, and bearish expectations prevailed. The new round of steel mill tender prices are expected to potentially fall by 500 yuan. In the short term, the ferrochrome market is expected to remain in the doldrums.

Raw material side, on November 19, 2025, spot offers for 40-42% South African concentrate at Tianjin port were 52.5-54 yuan/mtu; offers for 40-42% South African raw ore were 48-49 yuan/mtu; offers for 46-48% Zimbabwean chrome concentrate were 54-55 yuan/mtu; offers for 48-50% Zimbabwean chrome concentrate were 55-56 yuan/mtu; offers for 40-42% Turkish chrome lump ore were 57-59 yuan/mtu; offers for 46-48% Turkish chrome concentrate were 63-64 yuan/mtu, down 0.25-0.5 yuan/mtu MoM from the previous trading day. In the futures market, offers for 40-42% South African concentrate were lowered to $274-276/mt.

Amid unstable participant confidence, the chrome ore spot market performed weakly, remaining deadlocked between buyers and sellers. Buyers awaited the new round of steel mill tender prices and, with sufficient raw material inventory, showed limited purchase willingness, with counteroffer expectations already falling below 52 yuan/mtu. Sellers, constrained by spot prices approaching cost levels, had limited room for further discounts, leading to a mediocre market atmosphere. Futures side, the new round of offers for South African concentrate from major overseas mines fell by $7 to $275/mt. Domestic traders, with bearish expectations, showed mediocre purchase willingness, making transactions difficult. The support from high ferrochrome production schedules for chrome ore gradually faded. The contradiction between oversupply and weak demand is difficult to resolve in the short term. The chrome ore market remains weak, awaiting guidance from the new round of steel mill tenders and overseas market quotes.