[SMM Chromium Daily Review] Steel Tender Drops by 200, Chromium Market Remains Stable

On December 22, 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 offer price was 8,300-8,400 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.

At the beginning of the week, the ferrochrome market maintained a stable trend. During the day, Tsingshan announced the steel mill tender price for January 2026 at 8,195 yuan/mt (50% metal content), down 200 yuan MoM, largely in line with market expectations. Recently, inquiry enthusiasm for ferrochrome has pulled back, downstream purchase willingness is average, transactions are relatively limited, and it is difficult to sell at high prices. Supply and demand side, ferrochrome producers in south China, especially in Sichuan, have successively halted production, coupled with the limited release of new ferrochrome capacity in the north, overall production may decrease MoM. Furthermore, ferrochrome imports continue to decrease, with China's high-carbon ferrochrome imports down 9.8% MoM in November, alleviating the slight supply surplus to some extent. Cost side, chrome ore prices are steadily rising and recent arrivals are mostly previously high-priced futures, increasing ferrochrome production costs and supporting stable price operation. The ferrochrome market is expected to maintain a stable trend in the short term.

Raw material side, on December 22, 2025, the spot Tianjin port 40-42% South African concentrate was offered at 51-52.5 yuan/mtu; 40-42% South African raw ore was offered at 46.5-48 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 52.5-53.5 yuan/mtu; 48-50% Zimbabwean chrome concentrate was offered at 54-55 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 57-59 yuan/mtu; 46-48% Turkish chrome concentrate was offered at 60-61 yuan/mtu, all flat MoM from the previous trading day. For futures, the 40-42% South African concentrate was offered at $263-265/mt.

During the day, the chrome ore market operated steadily with no adjustments to offers. The market trading atmosphere continued the recent recovery trend. Supported by traders' firm price mentality and ferrochrome producers' restocking demand, prices have some support. However, considering the continuous accumulation of chrome ore port inventory and record-high imports, traders face significant sales pressure. For futures, the latest offer from the main mine for 40-42% South African concentrate remained unchanged at $263/mt, highlighting support intentions, with most traders following suit to hold prices firm. Considering subsequent stocking demand, many traders have recently begun purchasing in stages, leading to relatively concentrated transactions. The chrome ore market is expected to operate steadily in the short term.