[SMM Chromium Daily Review] Sentiment to hold prices firm is evident, market expectations are positive.

On January 6, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,100-8,200 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,150-8,250 yuan/mt (50% metal content); in east China, the quotation for high-carbon ferrochrome was 8,300-8,400 yuan/mt (50% metal content), up 50 yuan/mt (50% metal content) MoM from the previous trading day. For imported ferrochrome, the quotation for South African high-carbon ferrochrome was 8,200-8,300 yuan/mt (50% metal content); the quotation for Kazakh high-carbon ferrochrome was 9,000-9,100 yuan/mt (50% metal content), flat MoM from the previous trading day.

During the day, the ferrochrome market operated steadily, with retail quotations edging up amid tight supply. Downstream stainless steel prices continued to rebound, coupled with an increase in the January production schedule, supporting procurement demand for ferrochrome. Given the relatively attractive production margins for ferrochrome, most producers maintained stable operations, with the overall supply-demand balance remaining tight and sentiment to hold prices firm persisting. The market is expected to maintain stable operation in the near term.

Raw material side, on January 6, 2026, the spot quotation for 40-42% South African fines at Tianjin Port was 52.5-53.5 yuan/mtu; for 40-42% South African raw ore, it was 48-50 yuan/mtu; for 46-48% Zimbabwean chrome concentrate, it was 54-55 yuan/mtu; for 48-50% Zimbabwean chrome concentrate ore, it was 55-56 yuan/mtu; for 40-42% Turkish chrome lump ore, it was 59-60 yuan/mtu; for 46-48% Turkish chrome concentrate ore, it was 60.5-61.5 yuan/mtu, up 0.5 yuan/mtu MoM from the previous trading day. In the futures market, the quotation for 40-42% South African fines was $263-265/mt.

During the day, the chrome ore market performed steadily, with high production schedules and winter stockpiling driving ferrochrome producers to purchase raw materials, leading to increased inquiries. Mainstream lump ore remained in short supply, with strong sentiment to hold prices firm; most traders of South African fines adopted a wait-and-see approach towards the new round of overseas market quotations, holding relatively optimistic expectations for the future market. In the futures market, with the Christmas holiday over, the market generally holds a bullish attitude towards the new round of quotations for 40-42% South African fines futures. The chrome ore market is expected to operate steadily in the near term.