Baosteel Nailed October High-carbon Ferrochrome Tender Price, while Scarce Low-priced Spot Supply Prompted Ferrochrome Prices to Rise

SHANGHAI, Sep 28 (SMM) - As of September 28, high-carbon ferrochrome in Inner Mongolia was quoted at 8,000-8,100 yuan/mt (Cr50%), up 150 yuan/mt from the previous trading day. Today, Baosteel Desheng announced its October high-carbon ferrochrome price at 7,696 yuan/mt (Cr50%, in cash, including tax, delivery to factory), an increase of 300 yuan. Recently, the chrome ore prices were stable, but ferrochrome plants suffered losses and low-priced products were scarce. Therefore, the retail quotations of ferrochrome edged higher. It is already halfway through the peak season in September-October. The October biding prices of mainstream stainless steel mills were at lows. In the near future, few ferrochrome plants planned to reduce the production, so the chrome ore prices basically stabilised. Despite that ferrochrome plants were reluctant to sell and held prices firm, the rise in high-carbon ferrochrome prices are expected to be contained.