[SMM Chromium Weekly Review] Costs and Demand Jointly Drive the Market, With Strongly Bullish Sentiment

On March 13, 2026, domestic ferrochrome prices held steady, while imported ferrochrome offers were raised. Inner Mongolia high-carbon ferrochrome was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 10,000-10,200 yuan/mt (50% metal content).

This week, the ferrochrome market was generally stable with slight rise. Spot offers in China continued to edge up, while imported ferrochrome saw more pronounced price increases due to tight availability. Strong support from the cost floor, coupled with recovering downstream demand, reinforced producers’ willingness to hold prices firm, pushing ferrochrome prices up 50 yuan/mt (50% metal content) during the week. However, market acceptance has yet to fully open up, and actual transactions still need to follow through. Given the relatively tight availability of retail ferrochrome cargoes at present, prompt delivery faced some difficulty, further supporting producers’ firm pricing sentiment. Overall, under stimulus from expectations of tighter supply at the upstream ore end, prices still had room to rise. In the short term, elevated costs will continue to support further gains in ferrochrome prices, and market participants mostly held bullish expectations for the next round of steel mill tenders. In markets outside China, attention should be paid to the progress of South African ferrochrome production resumptions and the impact from potential increases in China’s imported ferrochrome volumes going forward.

Raw material side, on March 13, 2026, spot chrome ore quotations were unchanged. Tianjin Port 40-42% South African concentrate was quoted at 60 yuan/mtu; 40-42% Turkish lumpy chrome ore was quoted at 69.5 yuan/mtu. In the CIF futures market, 40-42% South African concentrate was quoted at $312/mt, up $5 MoM.

This week, the chrome ore market remained strong, with both futures and spot prices moving higher. In the spot market, weekly offers from major overseas mines rose by $5, further supporting market confidence and driving spot quotations in China up 0.5-1.5 yuan/mtu. At the same time, spot chrome ore availability remained tight, with prominent shortages in mainstream chrome ore categories. Traders withheld cargoes from sale, while actual transactions were relatively stable. In addition, downstream ferrochrome plants had sufficient raw material stocking ahead of the holiday, limiting their acceptance of high-priced chrome ore. Most activity currently remained inquiries, and the restocking procurement pace was relatively slow. However, supported by expectations for the peak consumption season of “Golden March and Silver April,” bullish sentiment was transmitted upward, and traders still expected chrome ore prices to rise. In the futures market, South African overseas market offers rose to $312/mt. As South Africa’s ferrochrome recovery process advances, expectations for tightening ore supply have strengthened. Traders expected overseas chrome ore offers to continue rising later, while fear of high prices persisted and purchases remained relatively cautious. Congestion at Beira Port in Mozambique has not eased, and shipping companies imposed new congestion charges, further raising transportation costs for Zimbabwean chrome ore and supporting elevated quotations. The chrome ore market is expected to hold up well in the short term.