[SMM Chromium Daily Review] Cost Support and Favorable Demand Create a Strong Bullish Atmosphere in the Chromium Market

On January 14, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,300-8,450 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price of high-carbon ferrochrome was 8,400-8,500 yuan/mt (50% metal content); in east China, the quotation for high-carbon ferrochrome was 8,550-8,650 yuan/mt (50% metal content), up 25 yuan/mt (50% metal content) from the previous trading day. For imported ferrochrome, the quotation for Indian high-carbon ferrochrome was 8,500-8,600 yuan/mt (50% metal content); the quotation for Kazakh high-carbon ferrochrome was 9,100-9,200 yuan/mt (50% metal content), flat from the previous trading day.

During the day, the ferrochrome market held up well, and retail quotations rose again. The rise in downstream stainless steel prices drove the market upward, increasing procurement demand for ferrochrome and boosting market activity. Spot ferrochrome supply was relatively tight, and producers showed strong willingness to hold prices firm. Cost side, raw material chrome ore prices rose further, and high-priced futures arrivals further increased production costs, strengthening the bottom support for ferrochrome prices. Recently, some steel mill tender prices were raised. Considering the recovery in stainless steel profits and increased production schedules, the market held optimistic expectations for the future. In the short term, ferrochrome prices are expected to hold up well, pending the new round of mainstream steel mill tender prices.

On the raw material side, on January 14, 2026, the spot quotation for 40-42% South African fines at Tianjin Port was 54-55 yuan/mtu; the quotation for 40-42% South African raw ore was 50-52.5 yuan/mtu; the quotation for 46-48% Zimbabwean chrome concentrate was 56.5-57.5 yuan/mtu; the quotation for 48-50% Zimbabwean chrome concentrate was 58-59 yuan/mtu; the quotation for 40-42% Turkish chrome lump ore was 60-62 yuan/mtu; the quotation for 46-48% Turkish chrome concentrate was 63-64 yuan/mtu, up 0.5 yuan/mtu from the previous trading day. For futures, the quotation for 40-42% South African fines was $268-270/mt, up $5/mt from the previous period.

During the day, trading sentiment in the chrome ore market was good, and traders' sentiment to hold prices firm remained strong. Limited port arrivals of South African raw ore but released demand supported the rise in quotations; the popularity of mainstream lump ore slightly decreased, but tight supply still supported firm prices; Zimbabwean fines saw frequent high quotations due to combined effects of policies and restricted shipments; South African fines quotations followed the rise, but factories still held some inventory, so they mostly adopted a wait-and-see approach. For futures, the overseas main mine for 40-42% South African fines had not yet issued quotations this week, but considering the current spot order transaction price had risen to $272/mt, the market expected the next round of futures quotations to be in the range of $272-275/mt. The chrome ore market is expected to maintain a generally stable with slight rise trend in the short term.