[SMM Chromium Daily Review] Chromium Market Ran Steadily with Strong Wait-and-See Sentiment

On April 21, 2026, retail quotations for high-carbon ferrochrome remained unchanged, with Inner Mongolia high-carbon ferrochrome at 8,400-8,550 yuan/mt (50% metal content).

The ferrochrome market operated steadily during the day. As the new round of steel mill tender pricing cycle approached, producers mostly waited for prices to be finalized. Mainstream expectations were for prices to remain flat, while some participants held a more pessimistic sentiment with slight bearish expectations. Costs were largely stable; after chrome ore prices were adjusted downward, fluctuations were limited, but overall production cost pressure persisted, which to some extent limited the downside room for ferrochrome prices. Supply-demand side, downstream stainless steel purchase demand was sluggish, with low enthusiasm for ferrochrome inquiries, and market transactions and shipments were weak. Meanwhile, China's ferrochrome production remained relatively stable, though it may have declined somewhat due to power maintenance, with the overall market maintaining a tight balance. The ferrochrome market is expected to continue operating in the doldrums in the near term, awaiting guidance from steel mill tender prices.

Raw material side, on April 21, 2026, chrome ore spot prices were stable and futures prices were firm. Tianjin port 40-42% South African fines, 40-42% Turkish lump ore, and 48-50% Zimbabwean fines quotations were flat compared with the previous trading day. On the CIF futures front, 40-42% South African fines were quoted at $318/mt this week, unchanged.

The chrome ore market was relatively stable during the day, with limited price fluctuations. Spot side, port inventory of ordinary chrome ore fines was at high levels, and suppliers faced strong shipment pressure. However, downstream ferrochrome producers showed weak purchase willingness and pushed for lower prices, leading to a stalemate between buyers and sellers, making it difficult to advance transactions. Lump ore and high-grade ore supplies were relatively tight, with high quotations still supported, but buyer acceptance was moderate, and the overall situation remained stagnant. Futures side, South Africa reiterated that fuel shortages caused by the Middle East conflict continued to drive up chrome ore costs, with ex-China 40-42% South African fines quoted by major mines at $318/mt, unchanged. Despite cost support, China's ferrochrome producers had low willingness to purchase and build inventory on a large scale due to the steel mill tender pricing cycle and weak expectations. The market is expected to continue moving sideways in the near term.