On January 12, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,150-8,250 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,300-8,400 yuan/mt (50% metal content); in east China, the offer price was 8,400-8,500 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported ferrochrome, the offer price for South African high-carbon ferrochrome was 8,200-8,300 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.
During the day, ferrochrome market offers saw no adjustments. Influenced by the rise in the downstream stainless steel market, ferrochrome producers maintained firm price sentiment with positive expectations. Cost side, South African concentrate prices continued to rise, coupled with the arrival of high-priced futures at $280/mt, pushing up ferrochrome smelting costs and supporting upward price adjustments. Demand side, stainless steel mill profits recovered, January production schedules rebounded, providing support for rigid chromium purchasing demand. Overall, the ferrochrome market is expected to hold up well.
Raw material side, on January 12, 2026, spot 40-42% South African concentrate at Tianjin Port was offered at 53-53.5 yuan/mtu; 40-42% South African raw ore was offered at 49-50 yuan/mtu; 46-48% Zimbabwean chrome concentrate was offered at 55-56 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore was offered at 57-58 yuan/mtu; 40-42% Turkish chrome lump ore was offered at 60-61 yuan/mtu; 46-48% Turkish chrome concentrate was offered at 62.5-63.5 yuan/mtu, up 1 yuan/mtu MoM from the previous trading day. Futures side, 40-42% South African concentrate was offered at $268-270/mt, up $5/mt MoM.
During the day, chrome ore market trading activity performed well. Influenced by winter stockpiling by downstream ferrochrome producers, inquiries and purchases increased, and chrome ore traders' confidence remained firm. Additionally, rising futures offers boosted market sentiment, coupled with the revision of Zimbabwe's chrome ore export tax policy, further pushing up market sentiment. Granular ore saw bottom price support due to tight supply, while Zimbabwean concentrate saw more wait-and-see sentiment due to policy adjustments, with producers holding back from selling. The market is expected to develop steadily with a positive trend in the short term. Futures side, a high-price transaction for 40-42% South African concentrate futures occurred at $272/mt. Influenced by increasing control from overseas miners, domestic traders faced growing difficulty in purchasing. Overall, the chrome ore market, under the dual influence of increasing demand and futures support, shows a clear short-term positive trend, but the transmission of downstream positive impacts still requires continuous monitoring.
