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.

SMM Weekly Stainless Steel Futures Review — week of July 6–10, 2026. Weak nickel prices and soft off-season demand drag the benchmark contract down RMB 310/mt, breaking below the RMB 14,500/mt support level in the week of July 6–10.

[SMM Analysis] Raw Material Prices Generally Pull Back, Fail to Alleviate Narrowing Stainless Steel Mill Profits Stainless steel prices and production costs both declined this week, squeezing steel mill profit margins. Using 304 cold-rolled products as the calculation benchmark, the profit margin based on current raw material costs stood at 1.71%, while the margin based on inventory cost accounting was 0.48%. On the nickel-based raw material cost side, high-grade NPI prices exhibited a falling and pulling back trend this week. SS futures continued to pull back during the week, drastically increasing cost pressure on China's stainless steel mills. Coupled with pessimistic market expectations for the near term, the low purchase tender price for high-grade NPI announced by a major stainless steel mill drove a broad decline in psychological price levels for market-wide purchases. However, upstream suppliers maintained a relatively strong willingness to hold prices firm, creating significant divergence between upstream and downstream players, leaving transactions mired in a sluggish pattern. As of this Friday, the imported price including tax for Indonesian high-grade NPI with 10%-12% nickel grades fell by 6 yuan per nickel unit, settling at 1,137 yuan/mtu. In the stainless steel scrap market, stainless steel scrap prices drifted lower this week. Dragged down by the decline in SS futures and mills' low high-grade NPI tender prices, overall market sentiment was pessimistic. Mills adopted a cautious purchasing stance, trading activity remained insufficient, and the price center continued to shift downward. Although stainless steel scrap still held an economic advantage over NPI, this could not offset the impact of sluggish end-use demand and pessimistic expectations. Under the resonance of multiple negative factors, the cost support role failed, and prices are likely to continue consolidating on a weak note in the short term. As of this Friday, mainstream 304 off-cuts prices in Shanghai fell by 250 yuan/mt, with the latest quotation at approximately 10,150 yuan/mt. From the chromium-based raw material cost side, high-carbon ferrochrome prices remained stable this week...

News Release, July 9, 2026，China’s high-carbon ferrochrome prices saw distinct phased volatility in H1 2026. After surging to a high of RMB 8,650 per 50-base-tonne in Q1, prices gradually retreated to RMB 8,100 per 50-base-tonne in Q2, driven primarily by supply-demand mismatch.

South Africa's global chrome ore exports eased marginally in May 2026 to 2.43 million mt, down 1.82% month-on-month from 2.47 million mt in April, but still 43.08% higher than a year earlier. High-carbon ferrochrome (HC FeCr) exports moved in the opposite direction, rising 5.66% MoM to 123,795 mt, though volumes remained 48.76% below May 2025.