[SMM Chromium Daily Review] Chromium Market Stabilizes, Awaiting Transaction Outcomes from Both Sides' Negotiations

On November 25, 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, the quotation was 8,100-8,300 yuan/mt (50% metal content), flat MoM; for imported ferrochrome, 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.

The ferrochrome market operated steadily during the day. Although retail quotations saw some adjustments, actual transaction volumes were limited. Recently, many steel mills have entered the market for procurement, and downstream purchase willingness has improved. However, tender prices generally declined, and market expectations for the future are not very optimistic. Stainless steel mills' production cuts at year-end are limited, providing rigid demand support for ferrochrome. Meanwhile, domestic ferrochrome producers are actively producing driven by profits, with new capacity releases in the north effectively making up for the supply gap caused by production cuts in the south and low import volumes. Overall, the supply and demand of ferrochrome maintain a tight balance, and prices are expected to remain stable in the short term.

Raw material side, on November 25, 2025, the spot quotation for 40-42% South African fines at Tianjin Port was 52.5-53 yuan/mtu; for 40-42% South African raw ore, it was 48-49 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, it was 52.5-53 yuan/mtu; for 48-50% Zimbabwean chrome concentrate ore, it was 53.5-54.5 yuan/mtu; for 40-42% Turkish chrome lump ore, it was 57-59 yuan/mtu; for 46-48% Turkish chrome concentrate, it was 63-64 yuan/mtu, flat MoM; on the futures side, the offer for 40-42% South African fines remained stable at $270-274/mt.

The chrome ore market performed steadily during the day, with limited shipments and sluggish actual transactions. Some ferrochrome producers started purchasing, and inquiries increased. However, as raw material inventory is relatively sufficient, the pressure to drive down prices in counteroffers remains strong, and the psychological purchase price level is low. Meanwhile, port inventory fluctuates at highs, and traders face high shipment pressure. Zimbabwean chrome ore prices continue to decline due to dispersed supply sources and increased spot availability, with its economic advantages squeezing the price space for South African fines. On the futures side, the main mine's quotation for South African fines is $270/mt. Considering that the steel mill tender price was better than expected, the market anticipates a high possibility of the new round of offers remaining flat. However, as domestic spot prices are currently declining slightly, many traders face losses and are thus cautious about purchasing, limiting futures transactions. The chrome ore market is expected to operate in the doldrums in the short term.