[SMM Chromium Daily Review] Awaiting Steel Tender Bids, Market Running Stable for Now

On April 15, 2026, high-carbon ferrochrome prices held steady, with Inner Mongolia high-carbon ferrochrome quoted at 8,450-8,550 yuan/mt (50% metal content).

The ferrochrome market operated steadily during the day, with producers mostly watching steel mill tender prices for next month, and mainstream expectations were for flat pricing. Chrome ore spot prices edged down, easing producer cost pressure and reducing the risk of cost inversion; however, downstream stainless steel market purchasing demand saw limited release, with recent inquiry and transaction activity remaining sluggish, and ferrochrome prices were under pressure. Supply side, issues such as electricity shortages constrained ferrochrome production, and China's ferrochrome production is expected to decline to some extent. Meanwhile, South Africa's temporary electricity pricing policy is pending regulatory approval, with insufficient short-term production resumptions, limiting the impact on flows to China, and imported ferrochrome remained at low levels. Overall, ferrochrome continued to operate in a tight balance, awaiting the next round of steel mill tender prices.

Raw material side, on April 15, 2026, chrome ore spot prices were stable, and futures prices remained firm. At Tianjin port, 40-42% South African fines and 40-42% Turkish lump ore were quoted flat from the previous trading day; 48-50% Zimbabwean fines were quoted down 0.5 yuan/mtu. On the CIF futures front, 40-42% South African fines were offered at a stable $318/mt.

The chrome ore market operated in the doldrums during the day, with domestic traders lacking confidence. Constrained by sluggish purchasing demand from downstream ferrochrome producers and high port inventory pressure, South African fines and Zimbabwean fines saw slight price concessions for shipments, while mainstream chrome ore grades with tight spot supply maintained firm quotes. Wait-and-see sentiment was prevalent across the market, awaiting the next round of steel mill tender prices to guide price direction. On the futures front, 40-42% South African fines were offered at a stable $318/mt, but fear of high prices and weak demand held back any large-scale position building or purchase activity, with limited actual transactions. The chrome ore market is expected to continue in a stalemate in the near term.