[SMM Chromium Daily Review] Strong Sentiment to Hold Prices Firm, but Wait-and-See Sentiment Is Gradually Emerging

On January 26, 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 quotation was 8,550-8,650 yuan/mt (50% metal content), flat MoM 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); for Kazakhstan high-carbon ferrochrome, the quotation was 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

During the day, the ferrochrome market operated steadily, with firm retail quotations. Downstream stainless steel performed well, with low inventory, and the recovery in transactions drove purchases of ferrochrome. Meanwhile, spot retail ferrochrome was tight, supporting producers in raising quotations. Additionally, high production costs provided bottom support for ferrochrome prices. It is expected that the ferrochrome market will mainly hold up well in the short term.

Raw material side, on January 26, 2026, the spot quotation for 40-42% South African fine ore at Tianjin Port was 56-57.5 yuan/mtu; for 40-42% South African raw ore, the quotation was 51-53 yuan/mtu; for 46-48% Zimbabwe chrome concentrate, the quotation was 58.5-59.5 yuan/mtu; for 48-50% Zimbabwe chrome concentrate ore, the quotation was 59.5-60.5 yuan/mtu; for 40-42% Turkish chrome lump ore, the quotation was 63-64 yuan/mtu; for 46-48% Turkish chrome concentrate ore, the quotation was 64-65 yuan/mtu, flat MoM from the previous trading day. On the futures side, the latest quotation for 40-42% South African fine ore was $287/mt, up $7 MoM.

During the day, chrome ore market quotations were firm, and the rise in futures prices boosted positive market sentiment. The downstream ferrochrome market was generally stable with a slight rise, providing some support for chrome ore demand, and traders had a strong willingness to hold prices firm. However, winter stockpiling purchase demand had been gradually released, so buyers had some wait-and-see sentiment, waiting to see the actual transaction situation at the high end of quotations. On the futures side, overseas market quotations continued to rise; the latest quotation from the main mine for South African fine ore was $287/mt; Zimbabwe concentrate was affected by both mining policies and the rainy season, leading to increased costs, higher quotations, and relatively difficult local purchases; mainstream lump ore quotations remained firm due to tight supply. It is expected that the chrome ore market will maintain a strong and stable operating trend in the short term.