On December 8, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,950-8,100 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price of high-carbon ferrochrome was 8,000-8,150 yuan/mt (50% metal content); in east China, the offer price for high-carbon ferrochrome 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 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.
The ferrochrome market remained stable during the day, with no price fluctuations, as participants continued to monitor market dynamics and subsequent steel mill tender situations. On the supply and demand side, production cuts in the downstream stainless steel market are expected to be concentrated in January-February 2026, providing some support to ferrochrome demand in the short term, but long-term expectations are not optimistic. Meanwhile, most of the newly released ferrochrome capacity is expected to reach normal production levels in December, leading to a gradual loosening of ferrochrome supply. Overall supply and demand may maintain a weak balance, with prices facing downside risks. Cost side, the decline in chrome ore prices has shown signs of easing, while coke prices remain unchanged, keeping the immediate smelting cost for ferrochrome relatively stable and providing limited support to prices. Additionally, in southern regions such as Sichuan, the dry season has led to significant electricity price hikes, causing rising smelting costs and recent shutdowns of several ferrochrome producers. Overall, the ferrochrome market is expected to maintain stable operation in the short term.
Raw material side, on December 8, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 50.5-51.5 yuan/mtu; the offer price for 40-42% South African raw ore was 46.5-48 yuan/mtu; the offer price for 46-48% Zimbabwean chrome concentrate was 51-52 yuan/mtu; the offer price for 48-50% Zimbabwean chrome concentrate was 52-53 yuan/mtu; the offer price for 40-42% Turkish chrome lump ore was 56-57.5 yuan/mtu; the offer price for 46-48% Turkish chrome concentrate was 59-60 yuan/mtu, flat MoM from the previous trading day. In the futures market, the offer price for 40-42% South African concentrate was $263-265/mt.
At the beginning of the week, both inquiries and transactions in the chrome ore market were relatively mediocre. However, the flat futures offers over the past weekend provided some support and boosted market sentiment, slightly alleviating traders' pessimism. Meanwhile, purchasing demand from ferrochrome producers is gradually being released, with several major producers entering the market to purchase. Coupled with the current oversold chrome ore prices, traders' sentiment to hold prices firm has strengthened. Nevertheless, the market still faces many uncertainties. Stainless steel production cuts are a certainty, and after ferrochrome prices are suppressed, the subsequent transmission to the ore side may still pose downside risks for future prices. In the futures market, the latest round of offers and transactions for 40-42% South African concentrate remained flat at $263/mt, providing some stability to the market. Some traders are making early stockpiling preparations for 2026, purchasing in small quantities and in stages, leading to some futures transactions recently. In addition, the recent severe port congestion at Beira Port in Mozambique has restricted shipments, leading to a significant increase in freight costs for chrome ore from Zimbabwe and raising purchase costs for traders. Close attention should be paid to the subsequent supply situation of Zimbabwean chrome ore. In the short term, the chrome ore market is expected to operate mainly in the doldrums, with market participants watching for the impact of subsequent steel tender prices and the implementation of stainless steel production cuts on the chrome ore market.
