[SMM Chromium Daily Review] Downstream Positive Sentiment Transmits, Chromium Market Maintains Strong and Stable Operation

On January 22, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,400-8,500 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,400-8,600 yuan/mt (50% metal content); in east China, the offer price 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 offer price for Indian high-carbon ferrochrome was 8,500-8,600 yuan/mt (50% metal content); the offer price for Kazakh high-carbon ferrochrome was 9,100-9,200 yuan/mt (50% metal content), flat from the previous trading day.

The ferrochrome market operated steadily during the day. The significant rise in stainless steel futures boosted spot offers, coupled with the increase in the February tender price from mainstream steel mills, supporting market sentiment in the ferrochrome sector and keeping producer offers firm. Currently, the tradable volume of ferrochrome retail is limited, and demand increased during the winter stockpiling period. Ferrochrome prices are expected to remain high in the short term. Cost side, chrome ore futures offers rose again, and spot chrome ore prices followed suit. Steadily rising production costs support a potential increase in ferrochrome prices.

Raw material side, on January 22, 2026, the spot offer for 40-42% South African fines at Tianjin Port was 55-56 yuan/mtu; the offer for 40-42% South African raw ore was 50.5-53 yuan/mtu; the offer for 46-48% Zimbabwean chrome concentrate was 58-59 yuan/mtu; the offer for 48-50% Zimbabwean chrome concentrate was 59-60 yuan/mtu; the offer for 40-42% Turkish chrome lump ore was 61-63 yuan/mtu, and the offer for 46-48% Turkish chrome concentrate was 63-64 yuan/mtu, up 0.5-1 yuan/mtu from the previous trading day. For futures, the latest offer for 40-42% South African fines was $287/mt, up $7 from the previous period.

The chrome ore market held up well during the day. Driven by higher futures offers, spot prices continued to rise, and traders held prices firm. With the release of winter stockpiling demand, inquiries from ferrochrome producers increased, but their acceptance of high-priced chrome ore decreased, and the market was watching for high-end transactions. Considering good ferrochrome sales and high producer enthusiasm, rigid demand for chrome ore remains, providing support below chrome ore prices. The chrome ore market is expected to hold up well in the short term. Futures side, the latest offer this week from the main overseas mine for South African fines was $287/mt, meeting rising expectations and further boosting market sentiment. Additionally, export taxes and rainy season shipment constraints increased costs, keeping Zimbabwean chrome ore offers in the overseas market high. Future attention remains on whether the strong performance of stainless steel and ferrochrome can continue, as well as changes in chrome ore export policies and arrival volumes.