[SMM Chromium Daily Review] Market Temporarily Stabilizes as Holiday Atmosphere Gradually Builds

On December 29, 2025, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,050-8,150 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,100-8,200 yuan/mt (50% metal content); in east China, the offer price was 8,300-8,400 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for South African high-carbon ferrochrome was 8,200-8,300 yuan/mt (50% metal content); for Kazakh high-carbon ferrochrome, the offer price was 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

At the beginning of the week, the ferrochrome market remained stable. Due to tight retail supply, ferrochrome producers continued to hold prices firm. However, as the New Year's Day holiday approached, downstream purchase demand had largely been released, resulting in generally lukewarm inquiry activity. The main focus was on the performance of winter stockpiling in January after the holiday. The stimulative effect of macro news on stainless steel gradually faded, and the market gradually refocused on the fundamental year-end off-season consumption. Production cuts for stainless steel were already certain, lacking subsequent demand support for ferrochrome. Ferrochrome prices are expected to face some downside risk, with short-term operations likely to remain stable.

Raw material side, on December 29, 2025, the spot price for 40-42% South African concentrate at Tianjin Port was 52-52.5 yuan/mtu; the price for 40-42% South African raw ore was 48-49 yuan/mtu; the price for 46-48% Zimbabwean chrome concentrate powder was 54-55 yuan/mtu; the price for 48-50% Zimbabwean chrome concentrate ore was 55-56 yuan/mtu; the price for 40-42% Turkish chrome lump ore was 58-60 yuan/mtu; the price for 46-48% Turkish chrome concentrate powder was 60.5-61.5 yuan/mtu, flat MoM from the previous trading day. For futures, the price for 40-42% South African concentrate was $263-265/mt.

During the day, the chrome ore market continued its previous stable trend, with no adjustments to offers and a wait-and-see attitude prevailing. Plans will be made after the New Year's Day holiday based on the performance of January's winter stockpiling. Chrome ore inventories at ports continued a slight buildup, with significant structural differentiation. Tight supply supported stable price increases for mainstream lump ore, while demand showed no significant decline, bolstering sentiment for South African concentrate. Traders maintained firm pricing sentiment. In the futures market, due to the overseas Christmas holiday, price offers for 40-42% South African concentrate futures were somewhat delayed. Considering the lower purchase cost resulting from the decline in the US dollar to yuan exchange rate and the frequent inquiry activities by domestic traders, the market is watching for potential price increases in the overseas market. The chrome ore market is expected to operate stably in the short term.