[SMM Chrome Daily Review] Ferrochrome Market Operates Steadily, Chrome Ore Prices Lack Support

On November 26, 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), flat MoM from the previous trading day. For imported material, South African high-carbon ferrochrome was offered at 8,200-8,400 yuan/mt (50% metal content); Kazakh high-carbon ferrochrome was offered at 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market operated steadily during the day. Stainless steel futures stopped falling and edged higher, driving a recovery in spot market transactions. Coupled with limited production cuts in November-December, which provided rigid demand support for ferrochrome, most steel mills started to purchase recently, and downstream purchase willingness rebounded. Meanwhile, domestic ferrochrome producers actively ramped up production spurred 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 maintained a tight balance, and ferrochrome prices are expected to operate steadily in the short term.

Raw material side, on November 26, 2025, spot 40-42% South African concentrate at Tianjin Port was offered at 52-52.5 yuan/mtu; 40-42% South African raw ore was offered at 48-49 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 52-53 yuan/mtu; 48-50% Zimbabwean chrome concentrate was offered at 53-54 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 57-59 yuan/mtu; 46-48% Turkish chrome concentrate was offered at 61.5-62.5 yuan/mtu, down 0.5-1.5 yuan/mtu MoM from the previous trading day. For futures, 40-42% South African concentrate offers were stable at $270-274/mt.

During the day, spot chrome ore offers were lowered again, with the market continuing to weaken and actual transaction activity sluggish. Ferrochrome producers held sufficient raw material inventory; although inquiries increased, the actual release of demand was limited, and the pressure to drive down prices in counteroffers remained strong. Traders, constrained by high port inventory pressure, slowly and continuously lowered their offers, with many holding bearish expectations for the market outlook. Zimbabwean chrome ore prices continued to fall due to dispersed supply and increased spot availability, with its economic advantage squeezing the price space for South African concentrate; Turkish chrome concentrate prices also showed signs of softening. In the futures market, the main South African mine offered at $270/mt. Currently, with domestic spot prices declining softly and weak demand, many traders face losses, leading to generally subdued purchase willingness and limited futures transactions. However, considering that the steel mill tender price came in better than expected, the market anticipates the new round of offers to be largely flat, and the chrome ore market is expected to remain in the doldrums in the short term.