[SMM Chromium Daily Review] Chromium Market Maintains Strong and Stable Performance, with Rising Quotations and Improved Transactions

On December 16, 2025, the ex-factory price for high-carbon ferrochrome in Inner Mongolia was 8,000-8,200 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,100-8,200 yuan/mt (50% metal content); in east China, the quotation was 8,100-8,300 yuan/mt (50% metal content), up 25-50 yuan/mt (50% metal content) MoM from the previous trading day. 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 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

During the day, the ferrochrome market operated strongly and steadily, with retail quotations continuing to move higher and trading atmosphere improving. On the cost side, the rebound in chrome ore prices and the arrival of high-priced futures at ports led to a slight increase in ferrochrome costs, providing support for price rises. On the supply and demand side, although demand was affected by expectations for stainless steel production cuts, current retail supply was tight, and pre-holiday stockpiling considerations pushed quotations higher to some extent. The ferrochrome market is expected to maintain stable operation in the short term, with attention on the direction of the new round of steel mill tender prices.

On the raw material side, on December 16, 2025, the spot quotation for 40-42% South African fines at Tianjin Port was 51-52.5 yuan/mtu; the quotation for 40-42% South African raw ore was 46.5-48 yuan/mtu; the quotation for 46-48% Zimbabwean chrome concentrate powder was 52.5-53.5 yuan/mtu; the quotation for 48-50% Zimbabwean chrome concentrate ore was 54-55 yuan/mtu; the quotation for 40-42% Turkish chrome lump ore was 57-58.5 yuan/mtu; the quotation for 46-48% Turkish chrome concentrate powder was 59-60 yuan/mtu, up 1 yuan/mtu MoM from the previous trading day. For futures, the quotation for 40-42% South African fines was 263-265 $/mt.

During the day, the chrome ore market operated steadily, with prices rising and inquiry and transaction atmosphere favorable. The rebound in chrome ore prices, combined with the inversion of high-priced futures, strengthened traders' mentality to hold prices firm. Ferrochrome producers released procurement demand, increasing inquiry enthusiasm and boosting market activity. South African fines saw limited price increases due to ample port inventory; Zimbabwean fines saw more significant increases due to port congestion at Beira Port. Recently, market inquiries focused mainly on lump ore, with limited supply leading spot quotations to follow the rise, showing an overall upward trend. On the futures side, the consecutive overseas market futures quotation for 40-42% South African fines remained flat at $263/mt, highlighting firm price intentions and supporting the chrome ore market. Considering stocking demand for 2026, many domestic traders have recently engaged in purchasing operations, with futures transactions relatively concentrated. Some traders also expect stainless steel production cuts may lead to pushing for lower prices, waiting to make plans after the new round of steel mill tender prices are announced. The chrome ore market is expected to operate steadily in the short term.