News Release, July 21, 2026 China's total high-carbon ferrochrome (HC FeCr) imports hit 147,400 tonnes in June 2026, rising 12.5% MoM but dipping 5.1% YoY based on China Customs data. South Africa contributed 31,200 tonnes of HC FeCr, while Kazakhstan supplied 83,400 tonnes, down 1.6% MoM. Cumulative HC FeCr imports for January–June 2026 reached 825,200 tonnes, a YoY drop of 33.7%. Imports from South Africa totalled 131,300 tonnes, plummeting 77.6% YoY; shipments from Kazakhstan stood at 479,000 tonnes, edging up 9.1% YoY. Full-scale ferrochrome production resumption in South Africa is scheduled for Q4 2026, yet output has seen no notable uptick recently, keeping its export volumes relatively low. This will have limited near-term disruptive impact on China’s import market. Domestic ferrochrome mills maintain high production schedules, with new capacity coming online sequentially, driving repeated record output levels and crowding out demand for overseas ferrochrome imports to a notable extent. Overall, China’s ferrochrome supply landscape has undergone a marked structural shift.

July 17, 2026: The ferrochrome and chrome ore market fluctuated slightly...

[SMM Analysis] Futures Recovery Lifts Finished Steel, Raw Materials Drift Lower, Expanding Steel Mill Profits This week, stainless steel finished product prices and production costs drifted higher in tandem, with finished steel gains outpacing the overall performance of raw materials, driving a WoW expansion in steel mill smelting profits. Based on 304 cold rolling calculations, the profit margin stood at 2.39% using current raw material costs and 1.07% using inventory costs this week, with spot profitability resilience having achieved a clear recovery. Nickel-based raw materials: High-grade NPI prices generally grinded lower and pulled back this week, as a futures rebound and spot purchases formed a pronounced tug-of-war. During the week, SHFE nickel and SS futures both consolidated higher in tandem. Upstream smelters and traders showed relatively ample willingness to hold prices firm, but downstream stainless steel mills held relatively cautious expectations for the off-season outlook, with weak sentiment in raw material procurement and the strategy of pushing for lower prices continuing to be implemented. No concentrated restocking demand was released in the market, and the NPI price center shifted lower amid the tug-of-war between longs and shorts. As of this Friday, the domestic arrival tax-inclusive price of Indonesian high-grade NPI with 10-12% Ni content fell 4.5 yuan per nickel unit to 1,132.5 yuan per nickel unit. Stainless steel scrap prices rose with relative strength this week, supported by the futures recovery, displaying characteristics of strong resilience but limited gains. Driven by stronger SS futures, market sentiment for scrap recovered somewhat. Moreover, stainless steel scrap still held a stable cost-competitive substitution advantage over the weaker NPI, providing bottom support for prices. However, the market is currently in the traditional consumption off-season, with weak end-user rigid demand curbing overall demand for finished steel. Coupled with tight availability of tax invoices for stainless steel scrap and steel mills continuously pushing for lower purchase prices, market trading activity was restrained, making it difficult for prices to open upside room...

SMM Weekly Stainless Steel Futures Review — week of July 13–17, 2026. Cooling US inflation and tight Indonesian nickel ore supply push the benchmark contract up RMB 450/mt in the week.

[SMM Daily Chrome Review: Ore Prices Rebound Slightly, Ferrochrome Remains Stable for Now] July 15, 2026 – The ferrochrome and chrome ore markets fluctuated slightly...

[7.13 Morning Meeting Summary] The Ukrainian military destroyed 12 Russian oil tankers and one oil terminal. It is reported that Putin rejected calls for peace talks, and the situation may escalate in the coming months. The most-traded SHFE nickel 2609 contract consolidated at highs in the morning session, closing at 128,370 yuan/mt by the end of the morning session, up 1.10%. Macro sentiment has improved, and nickel prices have rebounded recently. The price range for nickel is expected to remain at 125,000-135,000 yuan/mt in the near future.