South African chromium ore exports to China stayed high in H1 2026, sharply boosting China’s imports. Port inventories hit record levels, keeping downward pressure on low-grade South African fines. Meanwhile, tight supply and holders’ reluctance to sell widened the price gap between high- and low-grade ores.

As of late July, total port inventories stood at about 4.9 million tons, down just 3.8% from the peak and still historically high. Low-grade South African concentrate (40-42%) made up over 80% of stocks, remaining the main drag on prices.

Analysts attributed the slight drawdowns in late July to routine adjustments, not demand recovery. With arrivals continuing to rise, near-term supply pressure persists.

Demand remains weak in the traditional off-season. High-carbon ferrochrome bids keep falling, and ferrochrome mills buy only as needed, keeping restocking appetite low.