On November 20, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,900-8,100 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,000-8,150 yuan/mt (50% metal content); in east China, the offer price was 8,100-8,300 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for South African high-carbon ferrochrome was 8,200-8,400 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.
The ferrochrome market operated steadily during the day. Tsingshan announced the December tender price for high-carbon ferrochrome at 8,395 yuan/mt (50% metal content), down 100 yuan MoM from November, which was better than the market's earlier bearish expectations, leading to some alleviation of pessimistic sentiment. Market participants are waiting to see if transactions will follow after the market sentiment is fully digested. The supply and demand for ferrochrome continued to operate in a tight balance. Low import volumes offset high domestic production, leading to an overall loosening trend. According to China Customs statistics, China's total high-carbon ferrochrome imports in October 2025 were 139,500 mt, down 37.7% MoM and down 44.5% YoY, hitting a new multi-year low. Meanwhile, stimulated by retained profits, domestic ferrochrome producers actively maintained production, with new capacity gradually coming online, keeping the planned production fluctuating at high levels. Downstream, the stainless steel market has entered the year-end off-season, with weak end-use demand leading to some price declines. However, the current extent of production cuts is limited, providing rigid demand support for ferrochrome procurement. The ferrochrome price is expected to remain stable in the short term, influenced by the steel mill tender.
On the raw material side, on November 20, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 52.5-53.5 yuan/mtu; the price for 40-42% South African raw ore was 48-49 yuan/mtu; the price for 46-48% Zimbabwean chrome concentrate was 53.5-54 yuan/mtu; the price for 48-50% Zimbabwean chrome concentrate was 54.5-55.5 yuan/mtu; the price for 40-42% Turkish chrome lump ore was 57-59 yuan/mtu; the price for 46-48% Turkish chrome concentrate was 63-64 yuan/mtu, down 0.5 yuan/mtu MoM from the previous trading day. In the futures market, the offer for 40-42% South African concentrate was lowered to $270-274/mt.
The chrome ore market remained mediocre during the day, with most participants adopting a wait-and-see stance. Tsingshan's announcement of a slight decrease of 100 yuan in the December tender price exceeded market expectations, leading to some sentiment recovery, but actual transactions need to follow. Purchase demand is expected to be released next week after the market digests the news. According to China Customs statistics, China's total chrome ore imports in October 2025 were 2.221 million mt, down 2.1% MoM but up 44.6% YoY. Supply remains high and volatile, keeping market pressure unabated. In the futures market, the new round of offers from major overseas mines for South African concentrate fell by $5 to $270/mt. Although the bearish expectations of domestic traders have somewhat diminished due to the slight decline in steel tenders, purchase willingness remains relatively subdued under the pressure of high port inventory, and futures transactions are sluggish. High planned production of ferrochrome provides some support for chrome ore, but the contradiction between oversupply and weak demand is difficult to resolve in the short term, leading to a wait-and-see attitude in the chrome ore market.
