[SMM Analysis] Chrome Ore Imports Hit New Highs Repeatedly, Price Uptrend Remains Unabated

January 20, 2025 News:

According to statistics released by China Customs, China's total chrome ore imports reached 2.8247 million tons in December 2025, up 16.4% month-on-month and a whopping 41.8% year-on-year, hitting a record high. Imports from South Africa stood at 2.239 million tons, increasing by 11.5% month-on-month and 36.6% year-on-year; imports from Turkey amounted to 119,400 tons, rising 15.9% month-on-month; imports from Zimbabwe reached 281,500 tons, surging 62.2% month-on-month.

South Africa's power crisis has not been effectively resolved, posing significant challenges to the recovery of ferrochrome smelting operations, while exports of chrome ore, a key raw material, have fluctuated at a high level. Supported by guaranteed profits and price corrections, domestic ferrochrome manufacturers have ramped up production, with output continuing its upward trend. Coupled with the gradual release of winter stocking demand, inquiry and procurement activities have increased, underpinning the steady rise of chrome ore prices. Considering that South Africa and Zimbabwe are currently in the rainy season, chrome ore mining and shipment have been subject to certain restrictions. In addition, Zimbabwe's export tax policy on chrome ore has been implemented. It is expected that subsequent chrome ore exports may decline, leading to a contraction in supply.

China's total chrome ore imports in 2025 reached 23.7467 million tons, a year-on-year increase of 13.4%. Among this, imports from South Africa were 19.5688 million tons, up 14.9% year-on-year; imports from Turkey were 853,500 tons, down 20.4% year-on-year; imports from Zimbabwe stood at 1.9312 million tons, a year-on-year surge of 48.2%.

South Africa's share of chrome ore supply to China rose to 82.41%, maintaining its position as the largest supplier. Zimbabwe's supply share climbed to 8.13%, ranking second, while Turkey's share dropped to 3.59%.