Chinese Ferro chrome import prices rose this week after a major stainless steel mill raised its purchase price for July.
Spot High Carbon Ferro Chrome prices in Asia rose for the second week in a row. Chinese buyers were active in the market, as higher Chrome Ore prices resulted in domestic Ferro Chrome prices to rise in China
Deals for South African Charge Chrome and Indian High Carbon Ferro Chrome were reported this week into China, while sentiment in Japan and Korea continued to strengthen amid the price uptick in China.
The 60% grade Indian-origin Ferro Chrome offers were assessed at 80 cents/lb CIF China. While bids from China were at 75 cents/lb CIF China, sales were confirmed at as high as 77 cents/lb CIF China.
The increase in spot prices has led to one of the major Stainless Steel player in China – Baosteel to release higher tender prices for July. It increased the purchase price of high carbon Ferro Chrome by 1500 Yuan M-o-M to set it at 7,000 Yuan (USD 1030) per tonne for July’17.
In line with hike in purchase price from China, export offers also increased to 86 cents/lb CIF Japan and 85 cents/lb CIF South Korea.
The current offer for Ferro Chrome in the Indian domestic market is at around INR 66,000/MT (Ex-Odisha).
In consonance with the present scenario, it can be suggested that the Ferro chrome price may remain firm in near future.
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