[SMM Chrome Daily Review] Ferrochrome Market in the Doldrums, Ore-side Offers Rise

On August 13, 2026, high-carbon ferrochrome retail quotations were flat, with Inner Mongolia high-carbon ferrochrome at 7,850-8,000 yuan/mt (50% metal content) and Sichuan high-carbon ferrochrome at 7,950-8,050 yuan/mt (50% metal content).

Intraday, the ferrochrome market was in the doldrums, with retail quotations unchanged. Downstream steel mills were cautious in purchasing. Affected by the off-season, wait-and-see sentiment was heavy, transactions were dominated by small rigid-demand orders, and demand was relatively weak. Supply side, ferrochrome producers had limited willingness to cut production, output remained high, spot supply in the market was ample, and the overall market showed an oversupply pattern, with prices mainly under pressure. Cost side, spot chrome ore prices did not follow the overseas market higher, so spot smelting costs for ferrochrome remained stable, providing some support to prices. Producers had some desire to bargain down raw material purchase prices and did not stockpile for the long term. Overall, the ferrochrome market showed a pronounced supply-demand imbalance and is expected to remain in the doldrums in the short term.

Raw material side, on August 13, 2026, quotations at Tianjin port for 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines were flat compared with the previous trading day. CIF futures side, prices of 40-42% South African fines were raised to $285-288/mt.

Intraday, the chrome ore market remained stable, with spot quotations unchanged and overseas futures quotations firm. Buyers and sellers continued to bargain, with no notable improvement in transactions. Spot market, recent quotations were somewhat mixed. Affected by high purchase costs, traders raised their quotations, but downstream acceptance was limited, and overall inquiries and transactions were sluggish. In addition, chrome ore port inventories were difficult to digest in the short term, and port arrivals remained high. With downstream ferrochrome producers' profit margins narrowing, a push for lower prices gradually emerged. Upside room for chrome ore prices was limited, and prices are expected to remain stable. Futures market, offers from mines outside China were firm, and due to higher transportation costs, they had a strong willingness to adjust prices. Meanwhile, ferrochrome production provided bottom support, and recent inquiry sentiment warmed somewhat. Going forward, continued attention should be paid to downstream demand and chrome ore shipments.