[SMM Chromium Daily Review] Market Operates Steadily with Mediocre Performance Ahead of the Holiday

On February 5, 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, the offer price was 8,700-8,800 yuan/mt (50% metal content), flat MoM. For imported ferrochrome, the offer price for Indian high-carbon ferrochrome was 8,600-8,700 yuan/mt (50% metal content); for Kazakh high-carbon ferrochrome, the offer price was 9,500-9,700 yuan/mt (50% metal content), flat MoM.

The ferrochrome market operated steadily during the day. Downstream stainless steel mills successively conducted maintenance and production cuts, and winter stockpiling had been completed, leading to weaker inquiry and purchase demand for ferrochrome, with moderate market activity. Meanwhile, chrome ore price adjustments were limited, production costs for ferrochrome gradually stabilized, and offers showed no fluctuations. Approaching the Chinese New Year holiday, the market maintained a steady operation trend.

Raw material side, on February 5, 2026, spot 40-42% South African concentrate at Tianjin Port was offered at 57-58 yuan/mtu; 40-42% South African raw ore was offered at 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was offered at 60-61 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 64-65 yuan/mtu; 46-48% Turkish chrome concentrate ore was offered at 65-66 yuan/mtu, all flat MoM. For futures, the latest offer for 40-42% South African concentrate was $297/mt, flat MoM.

The chrome ore market operated steadily during the day. Winter stockpiling was largely completed, inquiries and transactions gradually weakened, and market activity was moderate, with offers for various chrome ore varieties showing no fluctuations. However, considering the recovery of downstream demand after the Chinese New Year, combined with the resumption of production at South African ferrochrome facilities and the advancement of Zimbabwean chrome ore policies, future chrome ore supply might narrow somewhat, and traders generally hold optimistic and bullish expectations. For futures, the latest round of offers for 40-42% South African concentrate remained flat at $297/mt; due to some fear of high prices in the market, no actual transactions were concluded. Zimbabwean concentrate prices remained stable at high levels due to the impact of mining policies coupled with shipping restrictions during the rainy season, making local purchases relatively difficult. In the short term, the chrome ore market is expected to maintain strong and steady operation.