[SMM Chromium Daily Review] Quotations Continue to Rise, Chromium Market Remains Stable with Positive Trends

On December 18, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,050-8,250 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,100-8,300 yuan/mt (50% metal content); in east China, the quotation was 8,300-8,400 yuan/mt (50% metal content), up 50 yuan WoW; for imported material, the quotation for South African high-carbon ferrochrome was 8,200-8,400 yuan/mt (50% metal content), while the quotation for Kazakh high-carbon ferrochrome was 9,000-9,100 yuan/mt (50% metal content), flat WoW.

The ferrochrome market held up well during the day, with retail quotations continuing to rise, while steel mill purchase prices fell MoM. TISCO announced tender prices for high-carbon ferrochrome for December 2025 and January 2026 at 8,195 yuan and 7,995 yuan, respectively, down 100 yuan and 200 yuan MoM, largely in line with market expectations. Despite the decline in steel mill purchase prices, the retail market showed upward momentum due to tight supply and cost support, with producers maintaining firm pricing intentions. The ferrochrome market is expected to remain stable in the short term, with attention on the direction of new tender prices from other mainstream steel mills.

Raw material side, on December 18, 2025, spot 40-42% South African fines at Tianjin Port were quoted at 51-52.5 yuan/mtu; 40-42% South African raw ore was quoted at 46.5-48 yuan/mtu; 46-48% Zimbabwean chrome concentrate fines were 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 57-59 yuan/mtu; 46-48% Turkish chrome concentrate fines were quoted at 60-61 yuan/mtu, up 0.5 yuan WoW; for futures, 40-42% South African fines were quoted at $263-265/mt.

The chrome ore market was generally stable with slight rise during the day, with quotations for mainstream chrome ore continuing to increase amid tight supply, while spot transactions for South African fines gradually moved towards the higher end of the range. Rising retail prices for downstream ferrochrome and tender prices largely meeting expectations boosted inquiry activity and market confidence at the ore end. For futures, the latest quotation from the main mine for 40-42% South African fines remained flat at $263/mt, highlighting firm pricing intentions and providing some support to market prices, with most traders following suit. The chrome ore market is expected to operate steadily in the short term, awaiting tender prices from other mainstream steel mills.