[SMM Chromium Daily Review] Limited Transactions, Market in the Doldrums

On May 13, 2026, retail quotations for high-carbon ferrochrome were slightly adjusted, with Inner Mongolia high-carbon ferrochrome at 8,350-8,400 yuan/mt (50% metal content).

The ferrochrome market continued to weaken during the day, with retail quotations down 25 yuan/mt (50% metal content) WoW. The downstream stainless steel market moved sideways, with insufficient end-use demand follow-through and lackluster actual transactions. Steel mills mostly adopted a cautious wait-and-see attitude toward ferrochrome procurement, and demand release remained limited. Meanwhile, chrome ore prices edged lower, smelting costs declined, and coupled with production staying high, the degree of oversupply intensified. Price support at the bottom for ferrochrome weakened, and the ferrochrome market is expected to remain in the doldrums in the near term.

Raw material side, on May 13, 2026, chrome ore spot prices saw limited fluctuations, with futures quotations flat but transactions weakening. At Tianjin port, 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines quotations were flat from the previous trading day. On the CIF futures front, the latest transaction price for 40-42% South African fines was lowered to $310/mt.

The chrome ore market was in the doldrums during the day, with quotations remaining stable but transaction activity relatively low. Spot cargo side, South African fine ore inventory at ports was at high levels, and traders faced strong shipment pressure, with concession operations observed. Downstream ferrochrome producers mostly held a cautious wait-and-see attitude, influenced by bearish sentiment, and overall purchase willingness was weak, with only rigid demand replenishment maintained and limited actual transaction volume. Considering the decline in overseas market quotations for chrome ore, the chrome ore market is unlikely to find significant positive support in the near term and is expected to remain in the doldrums. On the futures front, although the weekly quotation from major ex-China mines held flat at $318/mt, the long-term contract transaction price was down $8 WoW to $310/mt. Currently, traders still held bearish expectations for future chrome ore prices, with very cautious purchase operations and transactions mostly driven by rigid demand. Overall wait-and-see sentiment was strong in the market, awaiting guidance from the new round of overseas market quotations this week.