[SMM Daily Chrome Review] Ferrochrome Remained Unchanged, Chrome Ore Overseas Market Held Steady

On April 2, 2026, high-carbon ferrochrome quotations edged down slightly, with Inner Mongolia high-carbon ferrochrome quoted at 8,600-8,650 yuan/mt (50% metal content).

The ferrochrome market was temporarily stable during the day. Some producers lowered quotations slightly, but actual transactions were weak. High stainless steel production schedules downstream provided support from rigid demand. In addition, although chrome ore spot prices pulled back, they remained at high levels, and producers' losses had not been fully alleviated, leaving a strong willingness to hold prices firm. Current market transactions were mainly long-term contract orders, with limited retail cargoes available. The north-south price spread tended to narrow, and prices were temporarily stable in the short term.

Raw material side, on April 2, 2026, chrome ore spot prices held steady, while futures prices remained firm. At Tianjin Port, 40-42% South African concentrate, 40-42% Turkish lumpy chrome ore, and 48-50% Zimbabwean chrome concentrate were unchanged from the previous trading day. On the CIF futures side, the latest offer for 40-42% South African concentrate was flat at $318/mt.

The chrome ore market was relatively weak during the day, with average trading activity. In the spot market, declining port inventory eased traders' shipment pressure to some extent, and chrome ore prices stabilized temporarily after a slight decline. However, downstream ferrochrome plants' plans for production cuts weighed on market confidence, while procurement demand remained sluggish, with most deals concluded in small lots for rigid demand. The chrome ore market is expected to remain in the doldrums in the short term. On the futures side, the latest quotation from the most-traded overseas mine for 40-42% South African concentrate was unchanged at $318/mt. Heightened uncertainty in the international situation, coupled with South African fuel prices surging to historical highs, pushed up chrome ore mining and transportation costs, supporting quotations. But confidence among buyers in China remained unstable, and purchases were relatively cautious. Most market participants were staying on the sidelines for now, waiting for ferrochrome production adjustments to be implemented before making further plans.