[SMM Chromium Daily Review] Market Operates Steadily Before the Holiday, Festive Atmosphere Prevails

On February 9, 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 of high-carbon ferrochrome was 8,500-8,700 yuan/mt (50% metal content); in east China, the offer price of high-carbon ferrochrome was 8,700-8,800 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price of Indian high-carbon ferrochrome was 8,600-8,700 yuan/mt (50% metal content); the offer price of Kazakh high-carbon ferrochrome was 9,500-9,700 yuan/mt (50% metal content), flat MoM from the previous trading day.

The ferrochrome market saw no adjustments during the day. Approaching the Chinese New Year, holiday sentiment intensified, and market trading activity weakened. Affected by production cuts at downstream stainless steel mills, recent ferrochrome inquiries were generally limited, with most participants awaiting subsequent steel tender prices and post-holiday market production resumptions. The ferrochrome market is expected to operate largely stable in the short term.

Raw material side, on February 9, 2026, spot 40-42% South African fines at Tianjin Port were offered at 57.5-58 yuan/mtu; 40-42% South African raw ore was offered at 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was offered at 60-61 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 64-65 yuan/mtu, and 46-48% Turkish chrome concentrate ore was offered at 65-66 yuan/mtu, flat MoM from the previous trading day. On the futures side, the latest offer for 40-42% South African fines was $297/mt, flat MoM.

The chrome ore market operated steadily during the day, with limited adjustments in futures and spot offers, largely holding steady at highs. On the spot side, winter stockpiling has basically ended, purchasing demand from downstream ferrochrome producers has been released, inquiries have decreased, and transactions were sluggish. On the futures side, offers for South African 40-42% chrome concentrate ore remained flat at $297/mt, fear of high prices persists in the market, and no actual transactions were concluded. Overall, the chrome ore market is expected to maintain a stable trend before the holiday. Participants still hold relatively optimistic expectations for future chrome ore prices, mainly watching the subsequent performance of stainless steel and ferrochrome.