[SMM Chromium Daily Review] Overseas Market Prices Held Steady, Market Trading Sentiment Remained Subdued

On April 9, 2026, high-carbon ferrochrome prices saw no adjustment, with Inner Mongolia high-carbon ferrochrome quoted flat at 8,550-8,650 yuan/mt (50% metal content).

The ferrochrome market remained stable during the day. Cost side, chrome ore prices held steady without further increases, but ferrochrome producers still faced strong production cost pressures and had a strong willingness to hold prices firm. Downstream, although stainless steel planned production stayed high, end-use demand was weak, spot cargo transactions showed mediocre performance, and the release of ferrochrome purchase demand was limited, with a subdued trading atmosphere. In addition, ferrochrome producers' production cut plans had not yet been clearly implemented, with no obvious signs of overall contraction. Supply and demand maintained a tight balance, and the ferrochrome market is expected to remain largely stable in the short term. Markets outside China, developments continued to be tracked regarding the layoff process at South African chrome enterprise Glencore-Merafe and the implementation of special electricity prices.

Raw material side, on April 9, 2026, chrome ore spot prices remained stable, and futures prices stayed firm. At Tianjin Port, 40-42% South African fines, 40-42% Turkish chrome lump ore, and 48-50% Zimbabwean fines were flat from the previous trading day. On the CIF futures front, the latest offer for 40-42% South African fines was unchanged at $318/mt.

The chrome ore market was generally stable with slight fall during the day, with mediocre actual transactions. Spot side, high and stable port inventory intensified traders' stockholding pressure, but given that elevated forward spot prices would affect subsequent arrival costs, traders still maintained a willingness to hold prices firm and had no plan to significantly cut prices for shipments for the time being. Futures side, major South African fines miners kept offers stable, with the latest offer flat at $318/mt. However, affected by ferrochrome producers' production cuts, China buyers remained cautious in their purchase attitude, and the overall market was dominated by a strong wait-and-see atmosphere. Although peace talk news emerged regarding the Middle East geopolitical conflict, significant uncertainty remained. Chrome ore ocean freight rates are expected to have limited room for pullback in the short term, mainly fluctuating at highs.