[SMM Chromium Daily Review] Market Sentiment Mediocre, Wait-and-See Attitude Prevails

On December 30, 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 material, the offer price for South African high-carbon ferrochrome was 8,200-8,300 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market showed mediocre performance during the day. With the New Year's Day holiday approaching, both upstream and downstream participants exhibited a strong holiday atmosphere, resulting in moderate trading activity. Tight retail supply supported ferrochrome producers in holding prices firm. However, stainless steel mills, affected by production cut plans, had limited purchasing demand for chrome. A stalemate persisted between buyers and sellers, with the main focus on the performance of winter stockpiling in January after the holiday. The market is expected to maintain stable operation in the short term. The Customs Tariff Commission of the State Council announced the 2026 tariff adjustment plan, keeping the export tax rate for ferrochrome at 40%.

Raw material side, on December 30, 2025, the spot offer price for 40-42% South African concentrate at Tianjin Port was 52-52.5 yuan/mtu; the offer price for 40-42% South African raw ore was 48-49 yuan/mtu; the offer price for 46-48% Zimbabwean chrome concentrate powder was 54-55 yuan/mtu; the offer price for 48-50% Zimbabwean chrome concentrate was 55-56 yuan/mtu; the offer price for 40-42% Turkish chrome lump ore was 58-60 yuan/mtu; the offer price for 46-48% Turkish chrome concentrate was 60.5-61.5 yuan/mtu, all flat MoM from the previous trading day. For futures, the offer price for 40-42% South African concentrate was $263-265/mt.

The chrome ore market operated steadily during the day. Tight supply coupled with concentrated inquiries provided strong support for mainstream lump ore prices. However, with the New Year's Day holiday approaching, market trading atmosphere was sluggish, and offer prices saw no adjustments. Most buyers and sellers adopted a wait-and-see attitude, planning to make decisions after the holiday based on the winter stockpiling situation in January. For futures, affected by the overseas Christmas holiday, the futures offer for 40-42% South African concentrate was somewhat delayed. Considering the decrease in purchase costs due to the decline in the US dollar to yuan exchange rate and the presence of inquiries from domestic traders, the market is watching for any potential price increases in the overseas market. The chrome ore market is expected to operate steadily in the short term.