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.

The SMM 10-12% high-grade NPI average price fell WoW by 1.2 yuan/nickel unit to 1,132.5 yuan/nickel unit (ex-factory, tax included), and the Indonesian NPI FOB index average price dropped WoW by $0.46/nickel unit to $146.23/nickel unit. Spot high-grade NPI remained on a downward trajectory this week, with the tug-of-war between longs and shorts intensifying further. Transactions stayed sluggish all week, and price divergences between upstream and downstream widened gradually.

As of this Friday, SiMn 6517 in north China was at 5,700-5,750 yuan/mt in cash, up WoW; SiMn 6517 in south China was at 5,750-5,800 yuan/mt in cash, up from last Friday; and SiMn 6014 in south China was at 5,450-5,500 yuan/mt in cash, flat WoW. Recently, SiMn futures weakened and moved sideways. The market saw a strong wait-and-see sentiment, with spot prices edging up, but futures could hardly drive spot prices significantly higher.

This week, China's domestic iron ore concentrate prices edged down slightly. Regionally, prices in Tangshan, Qian'an, and Qianxi in Hebei were relatively stable; Chaoyang, Beipiao, and Jianping in western Liaoning were also stable; east China rose 1-5 yuan/mt. This week, domestic iron ore concentrate prices are expected to remain tight, with little change in the fundamental landscape. Steel mills, overall blast furnace hot metal production is estimated to show a downward trend, weakening support for iron ore concentrate demand. Overall, in the near term, domestic concentrate prices may be in the doldrums. [SMM Steel]

Today, DCE iron ore futures trended weak. Contract I2609 closed at 751.5 yuan/mt, up 0.87% from the previous trading day. Port spot prices rose by 2–5 yuan/mt from the previous trading day. Trader activity was average, steel mills mostly purchased for essential restocking, and as of now spot transaction volumes were moderate. SMM’s latest statistics show that total iron ore inventory at 35 main ports nationwide was 147.16 million mt, down 1.14 million mt MoM. Over the same period, daily average port pick-up volume edged down by 23,000 mt to 3.275 million mt. This week, affected by typhoon and persistent rainy weather, port operations were hindered, vessel berthing and unloading efficiency dropped significantly, and port congestion intensified. Demand side, as hot metal production of steel mill blast furnaces continued to decline, daily average port pick-up volume pulled back slightly. As steel mill blast furnace maintenance increases, hot metal production is expected to decline further. Therefore, from a fundamental perspective, support for short-term iron ore prices is expected to continue weakening. [SMM Steel]