[SMM Chrome Daily Review] Ferrochrome Market Recovers, Chrome Ore Prices Still Decline

On November 24, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,950-8,100 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), up 25 yuan/mt (50% metal content) MoM from the previous trading day. For imported ferrochrome, 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.

The ferrochrome market operated steadily during the day, with offers showing a slight correction. The steel mill tender price dropped slightly by 100 yuan, boosting the ferrochrome market; after participants digested the news, inquiries increased, and downstream purchase willingness improved, helping ferrochrome prices to operate steadily. Stainless steel mills' year-end production cuts were limited, providing rigid demand support for ferrochrome, and with relatively tight raw material inventory, they gradually entered the market for purchases. Meanwhile, domestic ferrochrome producers actively produced driven by profits, with new capacity releases mostly in the north, effectively filling the supply gap caused by production cuts in the south and low import volumes. Overall, ferrochrome supply and demand maintained a tight balance, and prices are expected to operate steadily in the short term.

Raw material side, on November 24, 2025, spot offers for 40-42% South African fines at Tianjin Port were 52.5-53 yuan/mtu; 40-42% South African raw ore were 48-49 yuan/mtu; 46-48% Zimbabwean chrome concentrate powder were 52.5-53 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore were 53.5-54.5 yuan/mtu; 40-42% Turkish chrome lump ore were 57-59 yuan/mtu; 46-48% Turkish chrome concentrate powder were 63-64 yuan/mtu, down 0.5-1 yuan/mtu MoM from the previous trading day. For futures, offers for 40-42% South African fines were stable at $270-274/mt.

At the beginning of the week, the chrome ore market showed mediocre performance; downstream sentiment recovered somewhat supported by the slight drop in steel mill tenders, with some ferrochrome producers starting to enter the market for purchases and inquiries increasing, but actual transactions did not see a significant increase. Port inventory fluctuated at high levels, and traders' sales pressure remained unchanged. Zimbabwean chrome ore prices continued to decline due to dispersed supply and increased spot availability, squeezing the price space for South African fines. For futures, the major mine's offer for South African fines was $270/mt; considering the steel mill tender price was better than expectations, the market expects the new round of offers is likely to be flat. However, with current domestic spot prices declining slightly, many traders face losses and are thus relatively cautious in purchasing, limiting futures transactions. The chrome ore market is expected to operate in the doldrums in the short term.