[SMM Daily Chromium Review] Overseas Ore Prices Continued to Rise, While the Alloy Market Temporarily Remained Stable

On March 18, 2026, ferrochrome quotes held steady. High-carbon ferrochrome in Inner Mongolia was quoted at 8,600-8,700 yuan/mt (50% metal content); Kazakhstan ferrochrome was quoted at 10,300-10,400 yuan/mt (50% metal content).

The ferrochrome market remained broadly stable during the day. With support from bottom-end costs still in place, producers showed no easing in their willingness to hold prices firm. The Ulanqab Ferroalloy Industry Association held a meeting on the recent rise in costs, calling on ferrochrome enterprises to arrange equipment maintenance in advance; ban sales below the cost line; urge ore suppliers to stabilize raw ore prices; and communicate with steel mills to raise alloy prices. Recently, some plants in northern China underwent maintenance, and high-carbon ferrochrome production will decline somewhat in the period ahead, while downstream stainless steel production schedules remain high and procurement demand is gradually being released. Overall supply and demand are expected to return to a tight balance. As a new round of steel mill tender pricing begins, most market participants hold bullish expectations, and the ferrochrome market is expected to remain temporarily stable in the short term.

Raw material side, on March 18, 2026, spot chrome ore quotes continued to rise. At Tianjin Port, 40-42% South African concentrate was unchanged; 40-42% Turkish lumpy chrome ore was raised to 71.5 yuan/mtu; 48-50% Zimbabwe chrome concentrate was unchanged at 63.5 yuan/mtu. In CIF futures, 40-42% South African concentrate rose to $315/mt.

The chrome ore market ran strong and stable during the day. In the spot market, elevated overseas market quotes supported confidence in holding prices firm, but the extent of quote increases diverged: gains in South African concentrate temporarily slowed, Zimbabwe concentrate adjusted at high levels, and mainstream chrome ore quotes continued to rise. Downstream ferrochrome plants still mainly consumed existing inventory, with restocking mostly limited to small-lot purchases for rigid demand; meanwhile, spot cargoes available in the market remained tight, and traders were generally reluctant to sell. Overall trading sentiment was cautious, with participants mostly waiting for further release of downstream demand and guidance from subsequent steel mill tender prices. In the short term, the chrome ore market is expected to remain strong and stable. On the futures side, weekly quotes from mainstream overseas mines for 40-42% South African concentrate rose $3 WoW to $315/mt, in line with earlier market expectations. Meanwhile, chrome ore quotes from Zimbabwe, Turkey, and other regions remained elevated, wait-and-see sentiment among China traders intensified, purchases were relatively cautious, and transactions were currently rather weak.