[SMM Chromium Daily Review] Quotations Continue to Rise, Chromium Market Maintains Strong and Stable Operation

On January 29, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,700 yuan/mt (50% metal content); in east China, the quotation for high-carbon ferrochrome was 8,700-8,800 yuan/mt (50% metal content), up 100 yuan MoM from the previous trading day. For imported ferrochrome, the quotation for Indian high-carbon ferrochrome was 8,600-8,700 yuan/mt (50% metal content); the quotation for Kazakh high-carbon ferrochrome was 9,300-9,500 yuan/mt (50% metal content), up 200 yuan MoM from the previous trading day.

During the day, the ferrochrome market mainly held up well. Influenced by the rise in chrome ore prices, retail quotations climbed again. Higher costs provided bottom support, and some producers had orders scheduled until after the holiday, leading to tight spot supply and strong sentiment to hold prices firm. However, considering news of production cuts from downstream stainless steel mills, coupled with high ferrochrome production, there is an overall surplus risk that may limit the upside potential, keeping the market in a wait-and-see mode. The ferrochrome market is expected to operate steadily in the short term.

Raw material side, on January 29, 2026, the spot quotation for 40-42% South African fines at Tianjin Port was 57-58 yuan/mtu; the quotation for 40-42% South African raw ore was 52-54 yuan/mtu; the quotation for 46-48% Zimbabwean chrome concentrate was 59-60 yuan/mtu; the quotation for 48-50% Zimbabwean chrome concentrate ore was 60-61 yuan/mtu; the quotation for 40-42% Turkish chrome lump ore was 64-65 yuan/mtu, and the quotation for 46-48% Turkish chrome concentrate was 65-66 yuan/mtu, up 0.5-1.5 yuan/mtu MoM from the previous trading day. On the futures side, the latest quotation for 40-42% South African fines was $297/mt, up $10 MoM.

During the day, the chrome ore market continued its strong performance. The rise in futures quotations strongly supported spot market confidence, coupled with recent port arrivals mostly consisting of previously high-priced futures, which provided cost support for traders to hold prices firm. However, winter stockpiling demand is nearing its end, wait-and-see sentiment is gradually emerging, with some fear of high prices, resulting in generally moderate trading activity. On the futures side, the most-traded mine contract quotation for 40-42% South African fines rose to $297/mt, driving the overall market price higher. Traders, considering shipping schedules, mostly plan to adjust their purchase pace, adopting a wait-and-see approach towards downstream market performance. The chrome ore market is expected to be generally stable with a slight rise in the short term.