[SMM Chromium Daily Review] Market Remained Stable with Wait-and-See Sentiment, Trading Stayed Mediocre

On May 25, 2026, retail quotations for high-carbon ferrochrome remained unchanged, with Inner Mongolia high-carbon ferrochrome holding steady at 8250-8400 yuan/mt (50% metal content).

The market opened the week on a stable note. After mainstream steel mills announced flat June tender prices last week, overall market sentiment leaned cautious, with most players awaiting further signals from the demand side. The ferrochrome market is currently in a weak supply-demand balance: downstream stainless steel production schedules remain high, but ferrochrome production has increased significantly, with the overall slight surplus capping ferrochrome prices. Meanwhile, chrome ore prices continue to decline, weakening cost support. Ferrochrome prices are expected to see limited movement in the short term.

Raw materials side, on May 25, 2026, quotations at Tianjin port for 40-42% South African concentrate, 40-42% Turkish lump ore, and 48-50% Zimbabwean concentrate were unchanged from the previous trading day. On the CIF futures front, the latest quotation for 40-42% South African concentrate was $300/mt.

The chrome ore market remained in the doldrums during the day. On the spot front, port inventory stayed at multi-year highs, and traders continued to face shipment pressure. According to SMM data, as of last week, national chrome ore port inventory stood at 4.1711 million mt, up 0.2% WoW, of which Tianjin port chrome ore inventory was 3.448 million mt, up 0.17% WoW. In addition, downstream ferrochrome plants mostly restocked on a just-in-time basis, with insufficient demand release. The spot chrome ore market is expected to stay in the doldrums in the short term. On the futures front, the weekly quotation from the main overseas South African concentrate mine was $300/mt, with quotations for other chrome ore grades adjusting downward accordingly. The spread between futures and spot prices has narrowed, and combined with ferrochrome production staying high, downstream ferrochrome plants have recently increased purchases, while traders have largely adopted a wait-and-see stance, resulting in limited transactions. The market overall remained under pressure.