[SMM Chromium Weekly Review] Chromium Series Quotations Rise, Market Sentiment Increases

On January 9, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,150-8,250 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price of high-carbon ferrochrome was 8,300-8,400 yuan/mt (50% metal content); in east China, the offer price for high-carbon ferrochrome was 8,400-8,500 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); the offer price for Kazakh high-carbon ferrochrome was 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

This week, the ferrochrome market was stable with a positive trend, and retail prices continued to rise. Cost side, coke prices were stable, while chrome ore prices increased, leading to higher immediate smelting costs for ferrochrome, supporting price increases. Demand side, both futures and spot prices in the downstream stainless steel market rose, trading atmosphere improved, planned production rebounded, and purchasing demand for ferrochrome increased. Supply side, domestic ferrochrome production remained high, and the overall supply-demand situation was in a tight balance. Participants held some optimistic expectations for the direction of next month's steel mill tenders, and the ferrochrome market was expected to maintain a strong performance in the short term.

Raw material side, on January 9, 2026, the spot offer price for 40-42% South African concentrate at Tianjin Port was 53-53.5 yuan/mtu; the offer price for 40-42% South African raw ore was 48-50 yuan/mtu; the offer price for 46-48% Zimbabwean chrome concentrate was 54-55 yuan/mtu; the offer price for 48-50% Zimbabwean chrome concentrate ore was 55-56 yuan/mtu; the offer price for 40-42% Turkish chrome lump ore was 60-61 yuan/mtu; the offer price for 46-48% Turkish chrome concentrate was 62.5-63.5 yuan/mtu, flat MoM from the previous trading day. In the futures market, the offer price for 40-42% South African concentrate was $268-270/mt, up $5/mt MoM.

This week, trading activity in the chrome ore market improved, and both spot and futures offers moved higher. Rising overseas futures offers boosted market confidence, and positive trends in the stainless steel sector supported chrome ore participants' willingness to hold prices firm. Additionally, winter stockpiling for January gradually began, and purchasing demand from ferrochrome producers was gradually released. Zimbabwe amended its VAT law, imposing an additional 10% export tax on unprocessed chrome ore on top of the existing basis. This policy adjustment increased the export cost of Zimbabwean chrome ore. For lump ore, tight supply of mainstream lump ore supported higher offers, and traders had good expectations. In the futures market, the latest transaction price for 40-42% South African concentrate futures was $268/mt. However, as overseas miners gradually increased their control, it became more difficult for traders to purchase, somewhat affecting the actual transaction volume of chrome ore futures. Overall, under the dual influence of increasing demand and futures support, the short-term trend in the chrome ore market was clearly positive, but the transmission of downstream positive effects still required continuous monitoring.