HC ferrochrome on recovery path in China - 10 Jul, 2008
It is reported that Chinese ferrochrome market, which has dropped for a long time, came back after two major steelmakers set higher purchase prices for high carbon ferrochrome.
As per report, spot price for the product now mainly stands at CNY 13,000 per tonne to CNY 13,500 per tonne.
The reasons assigned are 1. High chrome ore prices 2. Electricity price is raised and supply is limited as summer approaches.
Chrome ore price is on upward trend hence ferrochrome price is unlikely to fall further. In such a case, domestic traders strengthen purchasing and start to book orders, leading to increased transactions. Producers also report more enquiries and brisk sales.
However, as stainless steel market remains weak and producers boast huge stocks, price is unlikely to recover in a short term.
CCI Price at posting:
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