News Release, July 10, 2026: Chrome ore prices saw distinct phased volatility in the first half of 2026, rallying throughout Q1 before sliding downward on a gradual downtrend in Q2.

July 10, 2026 – Chrome ore prices exhibited distinct stage-wise fluctuations in H1 2026, with a continuous rise in Q1 and grinding lower in Q2.

This week, finished steel rebounded slightly after consolidating at lows, while coking coal and coke showed overall satisfactory performance. At the start of the week, with no significant changes in fundamentals or news, ferrous metals continued to consolidate at lows; in the second half, market rumors emerged that BHP’s union announced a work stoppage action. Expectations of short-term supply tightness from the potential stoppage, combined with rising energy costs due to Middle East conflicts, drove a rebound in iron ore prices, which in turn lifted ferrous metals; online auctions for coking coal showed mixed results...

[SMM Nickel Express] This week, the discount of high-grade NPI relative to refined nickel slightly widened. The change in the price spread was mainly driven by the divergent price trends at both ends. On one hand, the price center of refined nickel edged up slightly; on the other hand, high-grade NPI continued to be pressured by low tender prices from mainstream steel mills. Downstream buyers released a concentration of low-priced purchase orders, pulling back the price center of NPI spot prices across the entire market, and the discount of high-grade NPI expanded somewhat.

[SMM Nickel Flash] July 10 – In the off-season, suppliers generally show low willingness to sell and are reluctant to proactively offer significant discounts. Downstream steel mills, influenced by tender settlements at mainstream mills, have been lowering their indicative prices, with strong sentiment to push for lower prices. The market is expected to consolidate on a subdued note in the near term, making the divergence in offer prices between upstream and downstream difficult to narrow quickly, and a significant increase in transaction volumes is unlikely.

[SMM Nickel Flash] July 10 - SMM high-grade NPI market sentiment factor came in at 2.03, up 0.01 MoM; the upstream sentiment factor for high-grade NPI was 2.24, flat MoM; and the downstream sentiment factor was 1.83, up 0.03 MoM. Today, the long-short divergence in the high-grade NPI spot market continued to intensify. Downstream steel mills' low-price purchasing demand was released in a concentrated manner, but upstream suppliers held prices firm, resulting in a notable price spread between upstream and downstream.