[Chromium Daily Market Review] Ferrochrome operates steadily overall, chrome ore shows clear intention to hold prices firm

On December 10, 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, offers for South African high-carbon ferrochrome were 8,200-8,400 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market operated steadily during the day, with no price adjustments, and market participants focused on stainless steel production cuts and the direction of the new round of steel mill tender prices. Trading activity in the retail market was mediocre, with producers concentrating on fulfilling long-term contract orders amid weak future expectations. Supply and demand side, production cuts in the downstream stainless steel market are expected to be concentrated in January-February 2026, providing some support for ferrochrome demand in the short term, but long-term expectations are not optimistic. Meanwhile, most newly released ferrochrome capacity is expected to reach normal production levels in December, leading to a gradual easing of supply and posing a downside risk to prices. Cost side, chrome ore prices stabilized after previous declines; although there is some willingness to test higher prices, no follow-up transactions have been observed, and immediate smelting costs for ferrochrome remain relatively stable. However, considering that recently arrived port chrome ore consists mostly of previously high-priced futures, ferrochrome costs may potentially rise in the near future, providing some support for prices. Overall, the ferrochrome market is expected to maintain stable operation in the short term.

Raw material side, on December 10, 2025, spot 40-42% South African fines at Tianjin Port were offered at 50.5-51.5 yuan/mtu; 40-42% South African raw ore was offered at 46.5-48 yuan/mtu; 46-48% Zimbabwean chrome concentrate powder was offered at 51-52 yuan/mtu; 48-50% Zimbabwean chrome concentrate was offered at 52-53 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 56-57.5 yuan/mtu; 46-48% Turkish chrome concentrate powder was offered at 59-60 yuan/mtu, all flat MoM from the previous trading day. In the futures market, 40-42% South African fines were offered at $263-265/mt.

The chrome ore market operated steadily during the day, with prices stabilizing after declines; some traders adjusted their offers lower, while flat futures prices provided some market confidence. Ferrochrome producers gradually began purchasing, with strong inquiry enthusiasm for lump ore; South African fines, due to ample supply, saw no significant improvement. Furthermore, inventories declined after previous low-priced sales, leading some traders to hold back from selling, highlighting their willingness to hold prices firm, while mainly awaiting the new round of overseas futures offers. Futures side, the latest round of offers and transactions for 40-42% South African fines held steady at $263/mt, demonstrating a firm price attitude to some extent; market confidence recovered, purchase willingness increased somewhat, and recent transactions were moderate. In addition, the congestion at Beira Port has not eased, and the freight costs for Zimbabwean chrome ore remain high, leading to increased purchase costs for traders, while futures quotes remain firm. In the short term, the chrome ore market is expected to operate mainly in the doldrums.