【SMM Analysis】Chrome ore imports rebounded markedly in March, the market remained weak due to sluggish demand

April 20, 2026

According to China Customs statistics, China's total chrome ore imports reached 2.4402 million tons in March 2026, rising 36.42% month-on-month and surging 83.58% year-on-year.Of the total, imports from South Africa stood at 1.966 million tons, up 36.79% month-on-month and 97.05% year-on-year; imports from Turkey were 101,600 tons, down 5.15% month-on-month but up 77.67% year-on-year; imports from Zimbabwe amounted to 169,100 tons, down 3.6% month-on-month and 10.14% year-on-year.

China's cumulative chrome ore imports from January to March 2026 hit 6.4546 million tons, a year-on-year increase of 32.4%.By source country, imports from South Africa totaled 5.2082 million tons, up 28.6% year-on-year; imports from Turkey reached 286,200 tons, rising 62.9% year-on-year; imports from Zimbabwe were 569,100 tons, with a year-on-year growth of 34.5%.

Driven by optimistic expectations for consumption during the peak demand season of “Golden March and Silver April”, downstream stainless steel production schedules have picked up notably. The positive sentiment has transmitted upstream, lifting ferrochrome mills' demand for chromite ore, with most producers locking in raw material supplies in advance. Consequently, previously contracted chromite ore futures cargoes arrived at ports in a concentrated period recently, driving a sharp rebound in overall imports.

In terms of regional supply, South Africa's ferrochrome production resumption remains slow, and local chromite ore consumption has seen no noticeable improvement, keeping the country's chromite ore exports at a high level. Zimbabwe has imposed a 10% export tariff on chrome ore, coupled with the earlier ban on crude chromite ore exports, which has tightened export inspections for chrome fines and led to reduced ore supply. Turkey is significantly affected by geopolitical conflicts in the Middle East; soaring sea freight rates and extended shipping times due to route diversions have temporarily curbed China's chrome ore imports from Turkey.

Nevertheless, high import volumes have pushed port inventories of chrome ore to a multi-year high, mounting sales pressure on traders. Meanwhile, purchasing demand from downstream ferrochrome producers remains tepid. Recently, inquiry and transaction activity in the chrome ore market has been sluggish, with prices trending lower in a gradual decline. The chrome ore market is expected to maintain a weak and volatile pattern in the short term.