[SMM Chromium Week Review] Maputo Rebounds as African Chrome Ore Prices Weaken

South Africa’s high-carbon ferrochrome exports rose to 117,180 mt in August 2026, up 20.0% month-on-month from July’s restated 97,618 mt and around 45.8% higher than a year earlier, though still 5.0% below June’s 123,310 mt. Canada’s imports jumped from 1,054 mt to 26,373 mt, making it the largest destination, while the United States rose 128.0% to 26,029 mt. Together the two markets took 44.7% of exports, against 12.8% in July. China fell 27.5% to 20,505 mt, cutting its share to 17.5% from 29.0% and dropping it to fourth place, as weak demand and ample domestic supply limited its appetite; SMM data show Chinese ferrochrome supply grew 12.94% in the first half of 2026 while stainless-related chrome demand rose only 2.3%. South Korea rose 43.3% to 20,790 mt, while Japan fell 42.1% to 13,727 mt. Merafe expects the ramp-up of the restarted Wonderkop and Boshoek smelters to be fully complete towards the end of the year.

South Africa’s chrome ore exports fell to 2.36 million tonnes (2,363.8 kt) in August 2026, down 10.75% month-on-month from July’s restated 2,648.5 kt and below June’s 2.40 million tonnes, making August the weakest month in the April–August series. China took 1,674.4 kt, down 6.09%, but its share rose from 67.3% to 70.8% because exports to all other destinations combined fell 20.35%. Singapore was the only named destination to grow, rising 10.33% to 224.5 kt, while Indonesia fell 40.0% to 90.0 kt and “Others”, which now includes the UAE, fell 53.4% to 112.6 kt. The pullback traces to the Chinese side of the trade: port inventories stayed near or above 5 million tonnes (5.04 Mt on September 24), the market entered its consumption off-season, and weaker ferrochrome prices squeezed smelter margins. China Customs data show August arrivals from South Africa at 1.89 million tonnes, down 13.13% month-on-month.

Zimbabwe has taken 19 suspected mineral-export violation cases to court, with 13 involving lithium and chrome, according to a report published by The Herald on October 9, citing the Minerals Marketing Corporation of Zimbabwe (MMCZ). Authorities are tightening export controls through closer coordination among the Ministry of Mines, MMCZ, the Zimbabwe Revenue Authority and police. MMCZ also reported 33 registered chrome wash plants along the Great Dyke, alongside 36 unregistered plants and 10 still under construction. The corporation is introducing full mineral assays for export consignments to identify economically valuable associated minerals and reduce losses from under-declaration. The measures point to closer scrutiny of Zimbabwe’s chrome supply chain, extending beyond mining-rights compliance to processing-plant registration, shipment documentation, weighing and mineral-content verification. MMCZ said unregistered plants need to be formalized to bring their output into the regulated marketing system, while authorities plan to strengthen border checks and information-sharing. Tighter enforcement could increase compliance requirements for producers and exporters, although the report does not establish that legitimate chrome shipments have been delayed or that export volumes have been affected.