[SMM Chromium Daily Review] Steel Tender Rises Slightly, Market Generally Stable with Slight Rise

On January 20, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,350-8,500 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,400-8,550 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,550-8,650 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported material, offers for Indian high-carbon ferrochrome were 8,500-8,600 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market held steady during the day. Tsingshan and TISCO announced their February 2026 tender prices for high-carbon ferrochrome at 8,245 yuan and 8,045 yuan, respectively, up 50 yuan/mt (50% metal content) MoM, largely in line with market expectations for a price increase. Downstream, stainless steel held up well in the short term, providing some support to the ferrochrome side. At the retail level, spot cargoes were tight, and ferrochrome producers remained firm in their intention to hold prices up. In the short term, the ferrochrome market is expected to hold up well with a steady and slightly firm tone. Total ferrochrome imports in December 2025 were 126,900 mt, remaining at low levels. Domestic ferrochrome producers maintained active production amid relatively attractive profits, and most new capacity reached normal operating rates. With high production levels, the overall market maintained a slight surplus in a tight balance.

Raw material side, on January 20, 2026, spot offers for 40-42% South African concentrate at Tianjin Port were 54.5-55.5 yuan/mtu; offers for 40-42% South African raw ore were 50-52.5 yuan/mtu; offers for 46-48% Zimbabwean chrome concentrate were 57.5-58.5 yuan/mtu; offers for 48-50% Zimbabwean chrome concentrate ore were 59-60 yuan/mtu; offers for 40-42% Turkish chrome lump ore were 61-63 yuan/mtu; offers for 46-48% Turkish chrome concentrate ore were 63-64 yuan/mtu, up 0.5-1 yuan/mtu MoM from the previous trading day. In the futures market, the latest offer for 40-42% South African concentrate was $280/mt.

During the day, chrome ore market offers saw no adjustments, and traders held strong sentiment to keep prices firm. Increased procurement demand for ore from downstream ferrochrome producers for winter stockpiling supported the market, but producers had limited acceptance for high-priced chrome ore, and actual transactions awaited follow-up. Meanwhile, total chrome ore imports in December 2025 exceeded 2.8 million mt, with supply-side pressure limiting the upside room for chrome ore prices. However, Zimbabwe's chrome ore tax, coupled with congestion fees levied at Beira Port, further increased the landed cost of chrome ore. Flooding in South Africa affected subsequent shipments, and chrome ore supply is expected to decline. In the short term, chrome ore prices will maintain an upward trend. In the futures market, the major overseas mine for South African concentrate had not set a price for the week, but with good downstream market performance, traders' psychological price level for chrome ore futures rose to the $295-300 range. Going forward, close attention should be paid to whether the strong performance of the stainless steel and ferrochrome markets can be sustained, as well as changes in chrome ore export policies and port arrival situations.