On March 24, 2026, ferrochrome quotations saw no adjustment for the time being. 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. Affected by the smaller-than-expected increase in steel tender prices, market confidence declined somewhat, and trading activity was average. Meanwhile, chrome ore prices were raised again, and production costs continued to increase. Ferrochrome producers faced the risk of losses from inverted margins, and many recently made maintenance and production cut plans. Ferrochrome production is expected to trend downward, and supply tightens. At the same time, demand side, expectations for the peak consumption season of “Golden March and Silver April” improved, inquiry and transaction activity in the downstream stainless steel market increased, planned production rose sharply, and existing raw material inventory continued to be consumed, providing rigid demand support for ferrochrome. The overall ferrochrome supply-demand relationship gradually returned from the earlier surplus to a tight balance. Ferrochrome prices are expected to remain firm in the short term, with upside room still available under cost support.
Raw material side, on March 24, 2026, chrome ore prices saw mixed adjustments. Quotations for 40-42% South African concentrate at Tianjin Port and 48-50% Zimbabwean concentrate remained flat from the previous trading day, while quotations for 40-42% Turkish lumpy chrome ore were raised. On the CIF futures side, the weekly quotation for 40-42% South African concentrate was $315/mt.
The chrome ore market ran strong and stable during the day, while price increases among different chrome ore varieties diverged. On the spot side, market players mainly consumed existing inventory, and downstream ferrochrome plants had not yet made concentrated inquiries or purchases. Coupled with the impact of steel tender prices coming in below expectations on market confidence, transaction activity was relatively low. South African concentrate quotations were temporarily stable at 61 yuan/mtu, while prices of mainstream chrome ore varieties continued to climb due to obviously tight cargo availability. Considering that ferrochrome producers have production cut plans, demand for chrome ore may decrease further, which will restrain the rise in chrome ore prices to a certain extent. On the futures side, the international situation had not eased, and ocean freight rates were raised, keeping port-arrival costs high. Supported by this, chrome ore quotations in the overseas market were raised steadily. South African concentrate held at $315/mt; Zimbabwean concentrate remained stable at $375/mt; Turkish concentrate broke above $400/mt. Under the impact of fear of high prices, traders in China were relatively cautious about purchases. Overall, the chrome ore market remained generally stable with slight rise amid the tug-of-war between sellers and buyers, and attention should be paid to the impact of changes in ferrochrome producers’ production plans going forward.
