[SMM Chrome Daily Review] Inquiries Increase, Transactions Recover, Chromium Market Confidence Strengthens

On April 28, 2026, retail quotations for high-carbon ferrochrome were slightly adjusted, with Inner Mongolia high-carbon ferrochrome at 8,450-8,550 yuan/mt (50% metal content).

The ferrochrome market operated steadily during the day. Driven by rising steel mill tender prices, ferrochrome producers showed a strong willingness to hold prices firm, and quotations were adjusted accordingly. In northern Inner Mongolia, ferrochrome prices were raised slightly by 25 yuan/mt (50% metal content). Downstream stainless steel futures continued to surge, with spot quotations rising in tandem. The overall market recovered, with production staying high, providing rigid demand support for ferrochrome. Cost side, overseas market prices for chrome ore remained firm, with high-priced chrome ore arriving at ports successively. Combined with spot quotation pullbacks, ferrochrome production cost pressure increased, further supporting ferrochrome prices. Overall, the ferrochrome market is expected to maintain a stable trend in the short term, with the market watching actual ferrochrome transaction conditions after steel mill tenders are finalized.

Raw material side, on April 28, 2026, chrome ore spot prices saw no adjustment, while futures prices remained firm. Tianjin port quotations for 40-42% South African fines, 40-42% Turkish lumpy ore, and 48-50% Zimbabwean fines were flat compared with the previous trading day. On the CIF futures front, 40-42% South African fines were quoted flat at $318/mt.

The chrome ore market recovered during the day, with downstream ferrochrome producers actively inquiring and making purchases, boosting trader confidence. Spot side, limited ferrochrome production adjustments provided strong bottom support for ore. Combined with pre-Labour Day holiday stockpiling and south China factories resuming production and building positions, chrome ore demand increased and trading activity rebounded. Futures side, the latest quotation from the most-traded contract of South African 40-42% fines mines held flat again at $318/mt. High mining and transportation costs supported firm overseas market quotations, and rising steel mill tender prices helped drive increased transactions. The chrome ore market is expected to show a steady-to-positive trend in the short term, with attention on market inquiry and transaction dynamics after steel mill tender prices are finalized.