Prices of High-Carbon Ferrochrome Edge Higher in Jan

SHANGHAI, Feb 15 (SMM) - In January, prices of high-carbon ferrochrome were on an upward trend. The ex-factory price of high-carbon ferrochrome natural lump in Inner Mongolia was set at 9,200-9,400 yuan/mt (Cr 50%, in cash, including tax), 9,300-9,500 yuan/mt (Cr 50%) in Sichuan, and 9,200-9,500 yuan/mt (Cr 50%) in north-west China as of February 10. The lowest and highest retail prices stood at 8,600 yuan/mt (Cr 50%) and 9,500 yuan/mt (Cr 50%) respectively in the month. The average price added about 600 yuan/mt (Cr 50%) in January. In January, many stainless steel mills reduced production for maintenance, thus stainless steel output fell greatly. Spot ferrochrome supply in the market remained tight since the imports of ferrochrome decreased in December 2022. In January 2023, the bid price of stainless steel rose higher than the market's previous expectation, with the bid price offered by mainstream stainless steel mills growing 500 yuan/mt (Cr 50%). Although the bid price was slightly lower than the retail price in the market, the market players were still bullish on the ferrochrome prices amid the cost support. In late January, some truck transportation services were suspended, and operations of companies were halted for the approaching CNY holiday. The market transactions decreased palpably before the CNY, and the ferrochrome prices were stable.