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  [Market Review: Chrome Daily] Trading Activity Improves, Ferrochrome and Chrome Ore Prices Raised

  [SMM Chrome Daily Review: Trading Atmosphere Improves, Ferrochrome and Chrome Ore Offers Raised] December 15, 2025: Today, the ex-factory price for high-carbon ferrochrome in Inner Mongolia was 8,000-8,150 yuan/mt (50% metal content), flat MoM from the previous trading day...

• The 2512 contract was smoothly delivered, and SHFE lead continued to fluctuate at lows during the day. [Lead Futures Brief Review]

• Supply Crunch Drives Frenzied Rally in China's Tungsten Market Amid Year-End Mine Maintenance and Quota Constraints [SMM Analysis]

  A severe supply shortage, triggered by concentrated year-end mine maintenance and depleted production quotas, ignited a sharp price rally in China's tungsten market in mid-December. Benchmark prices for wolframite concentrate and APT rose sharply, pulling up downstream powders. Transaction volumes plummeted as the market shifted to discretionary order-by-order deals. While upstream miners with fulfilled annual targets are insulated, downstream manufacturers face intense cost pressure and inventory shortages. Although tight supply supports high prices near-term, weakening seasonal demand from sectors like machinery and photovoltaics may limit further gains.

• Data: SHFE, DCE market movement (Dec 15)

  The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 Dec , 2025

• Copper Inventories in Major Chinese Regions Slightly Increased Over the Weekend [SMM Weekly Data]