[SMM Chromium Daily Review] Supply Is Expected to Tighten, Quotations Remain Temporarily Stable at High Levels

On March 17, 2026, domestic ferrochrome prices were 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 10,300-10,400 yuan/mt (50% metal content).

The ferrochrome market ran steadily during the day. Supported by costs and expectations of demand recovery, producers showed a strong willingness to hold prices firm, and retail quotations were unchanged for the time being; imported ferrochrome quotations moved higher due to tight spot supply. On the supply side, two large high-carbon ferrochrome producers in Inner Mongolia recently conducted furnace shutdown maintenance, which is expected to affect monthly high-carbon ferrochrome production by 60,000 mt, tightening supply expectations. Meanwhile, downstream stainless steel production schedules rebounded to high levels, and purchases gradually entered the market amid stimulus from the peak consumption season, with the overall market maintaining a tight balance. Considering the significant price spread between long-term contracts and retail sales, along with rising cost pressure, market participants generally held bullish expectations for next month’s steel mill tenders. In the short term, the ferrochrome market is expected to remain temporarily stable.

Raw material side, on March 17, 2026, spot chrome ore quotations continued to rise. At Tianjin Port, 40-42% South African concentrate was unchanged; 40-42% Turkish lumpy chrome ore was raised to 71 yuan/mtu; 48-50% Zimbabwe chrome concentrate was unchanged at 63.5 yuan/mtu. On the CIF futures side, 40-42% South African concentrate was quoted at $312/mt.

The chrome ore market was firm and stable during the day. In the spot market, high overseas market futures prices pushed up the arrival cost of chrome ore at ports, while the relatively tight availability of circulating cargoes in the market reinforced traders’ willingness to hold prices firm, and most were bullish on future prices. However, downstream ferrochrome plants had sufficient pre-holiday stockpiling, and the release of purchase demand was limited, with most deals being small-lot transactions for rigid demand, leaving overall market trading activity average. In the futures market, South African chrome concentrate quotations continued to rise; Zimbabwe costs increased due to port congestion, and Turkish chrome ore supply remained constrained. The market was mainly watching the transmission of the upcoming peak consumption season and weekly offer prices from major mines outside China, and the pattern of chrome ore holding up well in the short term may continue.