[SMM Chromium Daily Review] Prices Pulled Back, Weak Confidence on the Ore Side; Ferrochrome Market Supply-Demand Relationship Adjusted

On March 30, 2026, high-carbon ferrochrome quotations were unchanged, with Inner Mongolia high-carbon ferrochrome quoted at 8,600-8,700 yuan/mt (50% metal content).

At the start of the week, the ferrochrome market operated steadily, with prices unchanged. Downstream steel mills maintained high production schedules, but raw material inventory was relatively sufficient, so purchase demand was fairly limited and overall trading activity was average. On the supply side, although chrome ore prices dropped back slightly, they remained at high levels, and ferrochrome producers faced the risk of losses, with many carrying out maintenance and cutting production. Ferrochrome supply is expected to tighten somewhat going forward. Overall, the ferrochrome market’s supply-demand relationship was gradually shifting from surplus to tight balance, and prices may remain relatively stable in the short term.

Raw material side, on March 30, 2026, spot chrome ore prices were adjusted slightly, while futures prices remained firm. At Tianjin Port, quotations for 40-42% South African concentrate were lowered by 0.5 yuan/mtu; 40-42% Turkish lumpy chrome ore; and 48-50% Zimbabwean concentrate were unchanged from the previous trading day. On the CIF futures side, the rally in 40-42% South African concentrate slowed last week, with quotations at $318/mt.

At the start of the week, the chrome ore market performed generally, with port inventory reaching a multi-year high and weighing on trader confidence. In addition, downstream ferrochrome plants cut production and conducted maintenance, slowing their procurement pace and weakening demand for chrome ore. As a result, spot prices for South African concentrate in China were lowered slightly recently. However, for mainstream chrome ore such as Turkish material, cargo availability was tight and port-arrival costs were relatively high, so quotations remained comparatively firm. But downstream ferrochrome plants had limited acceptance of high-priced cargoes, so transactions were mostly small-lot deals for rigid demand. The chrome ore market is expected to remain temporarily stable in the short term. On the futures side, quotations from major mines outside China remained firm, with 40-42% South African concentrate holding at $318/mt, Zimbabwean concentrate steady at $375/mt, and Turkish concentrate at $395/mt. Uncertainty in the international situation remained elevated, and rising ocean freight rates increased chrome ore port-arrival costs, supporting ore prices. However, buyers in China were relatively cautious in purchasing cargoes due to market uncertainty, and trading activity still had room to improve.