SMM

According to Chinese customs statistics, China's chrome ore imports in November 2023 were 1.8068 million mt, up 21.86% MoM and 58.37% YoY, of which 1.5094 million mt of imports were from South Africa. From January to November 2023, China's chrome ore imports totalled 16.3364 million mt, up 19.31% YoY.
According to SMM, though ferrochrome output remained high, chrome ore supply surplus was reported as chrome ore imports hit a historical high in November. With sustained port arrivals hike and slight drop in ferrochrome output, chrome ore inventory at ports in December piled up, hitting 2.8 million mt as of December 22, up 800,000 mt from early November. Chrome ore price still stabilised, but market sentiment weakened significantly. Currently, strong demand from stainless steel and upcoming start-up of ferrochrome production lines left chrome ore traders unwilling to cut offers. However, if inventory further hikes to 3 million mt, chrome ore price may drop.