[SMM Chromium Daily Review] Chromium Market Operates Steadily, Sentiment to Hold Prices Firm Remains Strong

On December 25, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,050-8,150 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 offer price was 8,300-8,400 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) MoM from the previous trading day. For imported material, the offer price for South African high-carbon ferrochrome was 8,200-8,300 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. High-end prices saw some downward adjustments amid weaker inquiries. The decline in steel mill tender prices indicated steel mills' push for lower prices. However, tight retail ferrochrome supply, resulting from the clearance of previously low-priced material, provided some support in the short term. Additionally, overall ferrochrome production may decline, maintaining a tight balance and limiting downside room for prices. Attention should be paid to the actual impact of winter stockpiling demand release in January and steel mill production cuts during the Chinese New Year in February. The ferrochrome market is expected to maintain a steady operation in the short term.

Raw material side, on December 25, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 52-52.5 yuan/mtu; the offer price for 40-42% South African raw ore was 48-49 yuan/mtu; the offer price for 46-48% Zimbabwean chrome concentrate powder was 54-55 yuan/mtu; the offer price for 48-50% Zimbabwean chrome concentrate was 55-56 yuan/mtu; the offer price for 40-42% Turkish chrome lump ore was 58-60 yuan/mtu; the offer price for 46-48% Turkish chrome concentrate powder was 60.5-61.5 yuan/mtu, all flat MoM from the previous trading day. Futures side, the offer price for 40-42% South African concentrate was $263-265/mt.

The chrome ore market operated temporarily stable during the day, with traders maintaining firm sentiment. Port inventory structure was differentiated: mainstream lump ore supply was tight, providing bottom support; South African concentrate was relatively ample and stable; shipments of Zimbabwean chrome ore remained constrained, leaving room for further price increases. However, demand side, ferrochrome producers remained cautious in purchasing, with low inquiry enthusiasm, and overall transactions awaited follow-up. Futures side, the latest transaction for 40-42% South African concentrate was $263/mt, flat MoM. Domestic traders gradually started purchasing for stockpiling for 2026, but limited transactions were seen due to control by foreign sellers. The market focused on whether domestic chrome ore price increases could drive futures offers higher. The chrome ore market is expected to operate steadily in the short term.