Baosteel, one of the largest producers of Stainless steel has increased its purchase price of HC ferrochrome in Mar ’21 by 700 yuan/t ($108.35/t) to 8,900 yuan/t ($1,378/t) for HC 50% min, delivered including tax. This announcement came after Tsingshan also increased the prices by Yuan 700/t to 8,896 yuan/t. The increase in purchase tender price by the stainless steel mills can be attributed to the tight supply of ferrochrome in China amidst stricter electricity norms.
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