[SMM Daily Chrome Commentary] Ore Prices Continued to Rise, While Ferrochrome Remained Temporarily Stable

On March 16, 2026, domestic ferrochrome prices held steady, while imported ferrochrome quotations were raised. Inner Mongolia high-carbon ferrochrome was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 10,200-10,300 yuan/mt (50% metal content).

At the start of the week, the ferrochrome market operated steadily, with retail quotations unchanged for the time being, while Kazakhstan ferrochrome quotations moved higher due to an evident shortage of spot cargo. Cost side, continuously rising chrome ore spot prices supported ferrochrome production costs, and producers showed a strong willingness to hold prices firm; demand side, the downstream stainless steel market gradually entered the traditional peak consumption season, and just-in-time procurement demand was released to some extent. In the short term, the ferrochrome market may maintain a stable but upward trend.

Raw material side, on March 16, 2026, chrome ore spot quotations continued to rise. Tianjin Port 40-42% South African concentrate was unchanged; 40-42% Turkish lumpy chrome ore was raised to 70.5 yuan/mtu; 48-50% Zimbabwe chrome concentrate was raised to 63.5 yuan/mtu. In the CIF futures market, 40-42% South African concentrate was quoted at $312/mt.

During the day, the chrome ore market held up well. In the spot market, high overseas market futures prices supported market confidence, traders' sentiment to hold prices firm strengthened, and quotations for major ore grades rose by 0.5-1 yuan/mtu, while tight availability also led to reluctance to sell. Meanwhile, downstream ferrochrome plants had stocked adequately before the holiday, limiting acceptance of high-priced ore, and actual transactions were mainly driven by just-in-time procurement, leaving overall market trading relatively stable. In the futures market, South African concentrate quotations continued to rise; Zimbabwe added congestion surcharges due to port congestion at Beira Port, pushing costs higher; Turkish chrome ore remained affected by geopolitical conflicts, with supply constrained. The market mostly focused on how the positive impact of the downstream peak consumption season would be transmitted later, and the pattern of chrome ore holding up well may continue in the short term.