[Market Review: Chrome Daily] Trading Activity Improves, Ferrochrome and Chrome Ore Prices Raised

On December 15, 2025, the ex-factory price for high-carbon ferrochrome in Inner Mongolia was 8000-8150 yuan/mt (50% metal content); in Sichuan and north-west China, it was 8050-8150 yuan/mt (50% metal content); in east China, the quotation was 8100-8300 yuan/mt (50% metal content), flat MoM from the previous trading day; for imported ferrochrome, South African high-carbon ferrochrome was quoted at 8200-8400 yuan/mt (50% metal content); Kazakhstan high-carbon ferrochrome was quoted at 9000-9100 yuan/mt (50% metal content), also flat MoM from the previous trading day.

At the beginning of the week, the ferrochrome market operated steadily. After the retail ferrochrome prices were raised last week, actual transactions followed stably, and the price difference between spot and long-term contracts narrowed. Previously, with many low-price sales of ferrochrome, coupled with more profitable long-term contract orders being delivered, this led to a relatively tight supply of retail ferrochrome, pushing up the prices. Meanwhile, spot chrome ore prices rebounded, and high-priced futures arrived at ports, slightly increasing the cost of ferrochrome, supporting the price adjustments. However, considering strong expectations for stainless steel production cuts, the support from the demand side for ferrochrome prices is limited, and the overall market remains cautious, mainly waiting for new steel mill tender prices. It is expected that the ferrochrome market will operate steadily in the short term.

In terms of raw materials, on December 15, 2025, the spot price for 40-42% South African concentrate at Tianjin Port was 51-52.5 yuan/mtu; 40-42% South African raw ore was quoted at 46.5-48 yuan/mtu; 46-48% Zimbabwean chrome concentrate was quoted at 52.5-53.5 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was quoted at 54-55 yuan/mtu; 40-42% Turkish chrome lump ore was quoted at 56-57.5 yuan/mtu, and 46-48% Turkish chrome concentrate ore was quoted at 59-60 yuan/mtu, up 0.5 yuan/mtu MoM from the previous trading day; in the futures market, 40-42% South African concentrate was quoted at 263-265 $/mt.

At the beginning of the week, the chrome ore market operated steadily, with improved trading atmosphere and a clear intention to raise quotations. Chrome ore prices have basically hit bottom and shown some rebound. With the continued inversion of high-priced futures arriving at ports, traders' willingness to hold prices firm has increased. Ferrochrome producers' purchasing demand gradually released, leading to an increase in inquiries, and the market activity level improved. Additionally, with ferrochrome production remaining high, there is a rigid demand for ore, and the continuous flat performance of futures has also boosted market confidence to some extent. However, the reduction in stainless steel production may lower the January steel mill tender prices, negatively impacting chrome ore prices. At the same time, the fluctuation of port inventories at high levels limits the upside room for chrome ore. In the futures market, 40-42% South African concentrate overseas futures were continuously quoted at $263/mt, showing a strong intention to hold prices firm, supporting the chrome ore market. Considering the stocking demand for 2026, many domestic traders have recently been making purchases, resulting in concentrated futures transactions. Some traders also expect stainless steel production cuts or plan to drive down prices, waiting to make plans after the new round of steel tenders are priced. In the short term, the chrome ore market is expected to operate steadily.