[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

On February 6, 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 of high-carbon ferrochrome was 8,500-8,700 yuan/mt (50% metal content); in east China, the quotation for high-carbon ferrochrome was 8,700-8,800 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the quotation for Indian high-carbon ferrochrome was 8,600-8,700 yuan/mt (50% metal content); the quotation for Kazakh high-carbon ferrochrome was 9,500-9,700 yuan/mt (50% metal content), flat MoM from the previous trading day.

This week, the ferrochrome market mainly operated steadily. Approaching the Chinese New Year holiday, the holiday atmosphere was strong, and retail quotations saw no adjustments. On one hand, downstream stainless steel mills successively underwent maintenance and production cuts, and winter stockpiling was already completed, leading to reduced purchase inquiries for ferrochrome and lower purchase willingness. On the other hand, ferrochrome producers currently had tight spot retail availability, with most orders scheduled for after the holiday, so producers' sentiment to hold prices firm remained strong, mostly awaiting the post-holiday new round of steel mill tender prices. Considering the post-holiday "Golden March, Silver April" peak consumption season is expected to boost stainless steel production schedules, the market largely held bullish expectations. The ferrochrome market is expected to operate steadily in the short term.

Raw material side, on February 6, 2026, the spot quotation for 40-42% South African fines at Tianjin Port was 57-58 yuan/mtu; the quotation for 40-42% South African raw ore was 52-54 yuan/mtu; the quotation for 46-48% Zimbabwean chrome concentrate powder was 59-60 yuan/mtu; the quotation for 48-50% Zimbabwean chrome concentrate ore was 60-61 yuan/mtu; the quotation for 40-42% Turkish chrome lump ore was 64-65 yuan/mtu; the quotation for 46-48% Turkish chrome concentrate powder was 65-66 yuan/mtu, all flat MoM from the previous trading day. On the futures side, the latest quotation for 40-42% South African fines was $297/mt, flat MoM.

This week, the chrome ore market operated steadily, with limited adjustments in futures and spot prices. As winter stockpiling was basically completed, market trading atmosphere gradually weakened, and purchase inquiries from ferrochrome producers decreased, entering a holiday state. Meanwhile, traders held relatively optimistic expectations for future steel mill tender prices, resulting in a noticeable mentality of holding prices firm and being reluctant to sell. Overall, the chrome ore market is expected to maintain a steady trend in the short term, with subsequent attention needed on post-holiday demand recovery and actual shipment arrivals. On the futures side, the latest round of quotations for 40-42% South African fines held steady at $297/mt; however, due to some fear of high prices in the market, no actual transactions materialized. Zimbabwean fines were affected by mining policies combined with rainy season shipment constraints, keeping futures quotations stable at high levels, making local purchases relatively difficult. The chrome ore market is expected to operate strongly and steadily in the short term.