[Daily Chrome Review by SMM] Ferrochrome Runs Strong and Stable, Chrome Ore Remains Bullish

On January 27, 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), flat MoM 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); for Kazakh high-carbon ferrochrome, the offer price was 9,100-9,200 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market held steady during the day. Tight spot supply, higher costs due to chrome ore price increases, and positive transmission from high stainless steel prices downstream jointly supported ferrochrome prices, with producers showing a firm stance on holding prices. In the short term, ferrochrome prices are expected to hold steady with a slight upward bias. However, considering that new ferrochrome capacity is concentrated for release in 2026, subsequent oversupply may push prices lower. The market is currently focused on the pace of new capacity releases and the sustainability of downstream stainless steel demand to gauge future price trends.

Raw material side, on January 27, 2026, spot 40-42% South African concentrate at Tianjin Port was offered at 56-57.5 yuan/mtu; 40-42% South African raw ore was offered at 51-53 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 58.5-59.5 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was offered at 59.5-60.5 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 63-64 yuan/mtu; 46-48% Turkish chrome concentrate ore was offered at 64-65 yuan/mtu, all flat MoM from the previous trading day. In the futures market, the latest offer for 40-42% South African concentrate was $287/mt, up $7 MoM.

Chrome ore market offers remained firm during the day. Spot cargoes were somewhat tight, leading traders to hold prices firm and reluctant to sell. Mainstream lump ore remained the main category inquired. Zimbabwean concentrate prices were supported by cost issues. High-priced transactions for South African concentrate needed further confirmation. Winter stockpiling demand had been largely released, leading to some wait-and-see sentiment among buyers. In the futures market, the latest offer from the main mine for South African concentrate was $287/mt, but there were rumors of higher transactions. The market is watching whether the next round of main mine offers will continue to rise. Zimbabwean concentrate faced dual impacts from mining policies and the rainy season, leading to higher costs, raised offers, and difficult local purchases. Mainstream lump ore offers remained firm due to tight supply. The chrome ore market is expected to maintain a strong and steady trend in the short term.