[SMM Chromium Daily Review] Chromium Market Recovers, Prices Rise Steadily

On December 17, 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 for high-carbon ferrochrome was 8,100-8,200 yuan/mt (50% metal content); in east China, the offer price for high-carbon ferrochrome was 8,100-8,300 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for South African high-carbon ferrochrome was 8,200-8,400 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market operated steadily during the day. Many ferrochrome producers in south China halted or cut production, alleviating the oversupply situation. Combined with the fact that new capacity in the north has not yet reached normal operating levels, overall ferrochrome production is expected to decline, maintaining a relatively tight supply-demand balance and boosting market participant confidence. Additionally, considering potential pre-holiday stocking demand from the downstream stainless steel market in January and the current tightness of retail ferrochrome supply, producers' sentiment to hold prices firm has strengthened, providing some support for price increases. The ferrochrome market is expected to maintain stable operation in the near term, with attention on the direction of the new round of steel mill tender prices.

Raw material side, on December 17, 2025, the spot offer price for 40-42% South African fines at Tianjin Port was 51-52.5 yuan/mtu; the offer price for 40-42% South African raw ore was 46.5-48 yuan/mtu; the offer price for 46-48% Zimbabwean chrome concentrate powder was 52.5-53.5 yuan/mtu; the offer price for 48-50% Zimbabwean chrome concentrate ore was 54-55 yuan/mtu; the offer price for 40-42% Turkish chrome lump ore was 57-58.5 yuan/mtu; the offer price for 46-48% Turkish chrome concentrate powder was 59-60 yuan/mtu, flat MoM from the previous trading day. For futures, the offer price for 40-42% South African fines was $263-265/mt.

The chrome ore market operated steadily during the day, with traders maintaining their firm price stance and moderate transaction performance. Downstream ferrochrome offers rebounded, and producers' willingness to purchase increased, but most are adopting a wait-and-see approach towards the new round of steel mill tenders, primarily making just-in-time procurement. Sized ore remains the main hot topic for inquiries. Due to limited supply, spot offers followed the upward trend, and prices were raised. For futures, major South African mines kept their offers unchanged, showing a clear firm price attitude and strengthened control. Stockpiling demand for 2026 is gradually being released, with several purchase transactions noted recently, supporting mine confidence. The chrome ore market is expected to operate steadily in the short term, awaiting the finalization of the new round of steel mill tenders and overseas market offers.