China’s Baosteel and Tsinghan, two of the major players in the global stainless steel industry, have raised their high carbon ferro chrome purchase price by a steep RMB 1500 at around Yuan 8,500/MT (equivalent to 99 cents/lb) for September deliveries, according to industry sources.
A sharp rise in purchase price was widely expected, and the same can be attributed to the robust Ferro Chrome demand in China from the Stainless Steel industry there. Moreover, tight supply scenario and rising Chrome Ore prices in China, has lent further support to increase in the spot prices of high carbon Ferro Chrome.
Ferro Chrome demand is expected to be firm and other major Stainless Steel mills are expected to follow suit and disclose their elevated purchase prices soon.
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