On February 2, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,700 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,700-8,800 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported material, offers for Indian high-carbon ferrochrome were 8,600-8,700 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,300-9,500 yuan/mt (50% metal content), flat MoM from the previous trading day.
The ferrochrome market operated steadily during the day, with no adjustments to offers. Entering February and approaching the Chinese New Year holiday, winter stockpiling demand has largely been released. Affected by the confirmed production cuts in downstream stainless steel, recent inquiry and purchase demand has narrowed somewhat. However, continuously rising chrome ore prices have driven up production costs, providing strong support at the bottom of ferrochrome prices. The market is expected to operate steadily in the near term, awaiting specific changes in stainless steel production after the Chinese New Year holiday.
Raw material side, on February 2, 2026, spot offers for 40-42% South African concentrate at Tianjin Port were 57-58 yuan/mtu; offers for 40-42% South African raw ore were 52-54 yuan/mtu; offers for 46-48% Zimbabwean chrome concentrate were 59-60 yuan/mtu; offers for 48-50% Zimbabwean chrome concentrate ore were 60-61 yuan/mtu; offers for 40-42% Turkish chrome lump ore were 64-65 yuan/mtu, and offers for 46-48% Turkish chrome concentrate were 65-66 yuan/mtu, all flat MoM from the previous trading day. On the futures side, the latest offer for 40-42% South African concentrate was $297/mt, up $10 MoM.
The chrome ore market operated steadily during the day, with firm price sentiment remaining, but winter stockpiling is nearing its end, leading to reduced inquiry activity. Buyers and sellers are mainly engaged in negotiations, with high-priced transactions yet to be finalized. The chrome ore market is expected to be generally stable with a slight rise in the near term, with continued attention on post-holiday demand recovery and changes in chrome ore supply. On the futures side, offers from the main mine for South African concentrate futures showed significant increases, with news of transactions around $300/mt emerging. Additionally, South Africa's energy regulator approved a 35% reduction in electricity prices for ferrochrome production, lowering costs and stimulating production resumptions, which is expected to potentially tighten future chrome ore supply and maintain expectations for further price increases. In Zimbabwe, affected by mining policies and restricted shipments during the rainy season, futures offers remain high, making local purchases relatively difficult.
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