June 26, 2026 – The chromium market continued to decline this week, with the ample supply pattern unchanged and demand remaining weak.

SMM Weekly Stainless Steel Futures Review — week of June 22–26, 2026. Lingering Fed hawkishness and softening off-season fundamentals dragged the SHFE main contract down RMB 390/mt ($57/mt) this week, but firm producer pricing and a modest supply pullback kept the spot market relatively resilient.

[SMM Analysis] Finished Product Prices Fall in Tandem, Stainless Steel Mill Profits Slightly Compressed This week, stainless steel prices and production costs declined in tandem, with steel mill profit margins narrowing slightly. Using 304 cold-rolling as the assessment basis, the profit margin calculated with current raw material costs stood at 2.28%, while that based on inventory raw materials was 2.1%. On the nickel-based raw material cost side, high-grade NPI prices showed a downward pullback this week. Affected by weakening SHFE nickel and SS futures, coupled with disturbances from Indonesian nickel ore news, although NPI producers and traders maintained a strong willingness to hold prices firm, expectations of off-season maintenance and production cuts at stainless steel mills and the pullback in stainless steel prices led to low acceptance of high-priced raw materials, driving high-grade NPI prices to decline and pull back. As of this Friday, high-grade NPI with a mainstream grade of 10%-12% fell by 8.5 yuan per nickel unit, closing at 1,141 yuan per nickel unit. In the stainless steel scrap market, prices fell in tandem this week. SS futures pulled back and stainless steel finished product prices declined, dragging down stainless steel scrap. Currently in the traditional consumption off-season, end-use demand is weak, and expectations of lower steel scrap demand due to mill production cuts and maintenance, along with bearish macro sentiment, led to more cautious purchasing attitudes. Although stainless steel scrap holds an economic advantage over NPI and finds some bottom support, it is struggling to withstand the combined weight of multiple bearish factors, and the short-term market remains under pressure. As of this Friday, mainstream 304 off-cuts in Shanghai fell by 50 yuan/mt, with the latest quotation at approximately 10,500 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices continued to edge down this week. This week, TISCO and Tsingshan successively...

[SMM Stainless Steel Daily Review] SS Futures Extended Decline, Stainless Steel Spot Followed Lower with Sluggish Trading According to SMM on June 25, SS futures extended their decline and weakened. Non-ferrous metals futures continued their downtrend, and combined with the impact of yesterday’s Indonesian nickel ore quota news, SS futures fell further. As of the midday close, the most-traded SS contract settled at 14,640 yuan/mt. In the spot market, pressured by the ongoing decline in futures and the arrival of the traditional consumption off-season, the sluggish trading situation was hard to reverse, and traders showed a strong willingness to sell. Although a mainstream stainless steel mill kept its guidance price unchanged in the morning, spot quotes still fell along with futures, and trading remained sluggish. The most-traded SS futures contract. At 10:15 AM, SS2608 was reported at 14,600 yuan/mt, down 140 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 370-970 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil remained flat; cold-rolled 304/2B coil with mill edge saw its average price fall by 50 yuan/mt in Wuxi and 50 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi dropped by 100 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi fell by 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot swung wildly. Macro expectations outside China repeatedly disrupted the futures, intensifying the tug-of-war between longs and shorts in the market. Overall, the pattern was one of macros driving futures trends, trading fluctuating with sentiment, supply tightening supporting spot, inventory remaining stable, and profits seeing a minor recovery...

[SMM Stainless Steel Daily Report] SS Futures Decline Consecutively; Spot Stainless Steel Traders Sell Actively at a Discount to Boost Shipments According to SMM on June 24, SS futures continued to trend lower and weaken. Nonferrous metals futures extended their decline, with SS moving down in tandem. Near the close, news emerged that Indonesia might raise its RKAB nickel ore quota, causing SHFE nickel and SS to pull back further. As of the close, the most-traded SS futures contract settled at 14,720 yuan/mt. In the spot market, affected by the consecutive decline in SS futures, market sentiment was generally weak. To reduce their own inventories, spot traders had a strong willingness to sell, and selling at a discount became more frequent. Stainless steel spot quotes declined accordingly, but the sluggish trading remained hard to change. For the most-traded SS futures contract, at 10:15 a.m., SS2608 was quoted at 14,740 yuan/mt, down 190 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 330-830 yuan/mt. In the spot market, cold-rolled 201/2B coil average price in Wuxi remained unchanged; for cold-rolled 304/2B coil with rough edges, the average price in Wuxi fell by 50 yuan/mt and in Foshan by 25 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi dropped by 100 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan fell by 50 yuan/mt. This week, stainless steel futures and spot prices experienced wild swings, as macro expectations outside China repeatedly disturbed the futures, intensifying the tug-of-war between longs and shorts in the market. Overall, the futures trend was dominated by macro factors, trading fluctuated with sentiment, and supply...

[SMM Stainless Steel Daily Review] Base Metals Slump Drags SS Lower; Spot Stainless Steel Holds Price Floor with Limited Losses as Downstream Stays Sidelined According to SMM on June 23, SS futures fluctuated lower and gradually pulled back. Base metals futures fell across the board today, dragging SS futures lower in tandem. As of the close, the most-traded SS contract settled at 14,885 yuan/mt. In the spot market, while SS futures pulled back sharply, cautious wait-and-see sentiment among downstream enterprises intensified, and spot transactions remained sluggish with no significant improvement. However, spot traders continued to hold their price quotes firm, limiting the overall extent of price declines. Regarding the most-traded SS futures contract, at 10:15 AM, SS2608 was reported at 14,930 yuan/mt, down 155 yuan/mt from the previous trading day. Spot premiums for 304/2B products in the Wuxi area ranged 240-640 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled, un-edged 304/2B coil, the average price in Wuxi fell by 50 yuan/mt while the average price in Foshan remained flat; prices for cold-rolled 316L/2B coil in the Wuxi area were flat; and for hot-rolled 316L/NO.1 coil, quoted prices in Wuxi fell by 25 yuan/mt. Prices for cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot experienced wild swings, as offshore macro expectations repeatedly disrupted futures and the market saw an intensified tug-of-war between longs and shorts. The overall landscape was one where macro forces dominated futures, transactions fluctuated with sentiment, tightening supply supported spot prices, inventories remained steady, and profits saw minor repairs. Early in the week, macro tailwinds lifted the market, and the futures rebound spurred a recovery in spot transactions; by mid-week...

News, June 22, 2026: According to China Customs statistics, China’s total imports of high-carbon ferrochrome reached 131,000 tonnes in May 2026, falling 9.7% month-on-month and 15.62% year-on-year. Imports from South Africa stood at 10,000 tonnes, down 71.45% month-on-month and 37.18% year-on-year; Imports from Kazakhstan hit 84,700 tonnes, rising 10.18% month-on-month while slipping 13.87% year-on-year. From January to May 2026, China’s cumulative imports of high-carbon ferrochrome totalled 677,900 tonnes, a year-on-year drop of 45.5%. Cumulative imports from South Africa: 100,100 tonnes, plunging 83.0% year-on-year; Cumulative imports from Kazakhstan: 395,600 tonnes, edging down 9.9% year-on-year. South Africa's preferential electricity tariff of 0.62 rand per kWh has officially obtained approval from Nersa. Top ferrochrome producer Glencore-Merafe has withdrawn the clause involving 189 job cuts. Although South Africa's ferrochrome sector has entered full production resumption, output has not seen a notable jump, with monthly ferrochrome exports remaining at a relatively low range of 70,000–100,000 tonnes. Kazakhstan maintains steady production with limited fluctuations in its ferrochrome exports and supply volume. On the whole, China's ferrochrome imports will stay at a low and stable level in the short run.

[SMM Stainless Steel Daily Review] SS Futures Move Sideways with a Firm Tone, Weak Spot Demand Prompts Traders to Offer Discounts According to SMM on June 22, SS futures showed a pattern of moving sideways with a firm tone. SHFE nickel opened low and moved higher, lifting SS in tandem, though market sentiment remained cautious and the overall fluctuation range narrowed. As of the midday close, the most-traded SS contract settled at 15,125 yuan/mt. In the spot market, despite the relative firmness in SS futures, spot cargo stayed largely stable on the cautious mood. With the onset of the seasonal consumption off-season, demand was weak, inquiries and transactions were sluggish, and some traders actively sold to reduce inventory, leading to certain discounts. SS futures, the most-traded contract. At 10:15 a.m., SS2608 was at 15,085 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 135-535 yuan/mt range. In the spot market, cold-rolled 201/2B coil in Wuxi saw its average price remain flat; for cold-rolled 304/2B coil with raw edges, the average price in Wuxi was flat and in Foshan was flat; cold-rolled 316L/2B coil price in Wuxi was flat; hot-rolled 316L/NO.1 coil offers rose 100 yuan/mt in Wuxi; cold-rolled 430/2B coil prices in both Wuxi and Foshan were steady. This week, stainless steel spot and futures logged wild swings, as overseas macro expectations repeatedly disturbed futures, intensifying the tug-of-war between longs and shorts. The overall pattern was one of macro forces dictating movement, trading activity fluctuating with sentiment, supply constraints propping up spot prices, stable inventory levels, and mild profit recovery. Early in the week, macro tailwinds pro...

[SMM Chrome Daily Review: Wait-and-See for Steel Mill Tender Prices, Market in the Doldrums] June 22, 2026: The ferrochrome and chrome ore market fluctuated slightly...

SMM Weekly Stainless Steel Futures Review — week of June 15–18, 2026. A mid-week hawkish Fed turn capped an early rally, but supply tightening and firm mill pricing lifted the SHFE board RMB 355/mt on the week of June 15–19.