Profits of Steel Mills Picked up, and Ferrochrome Prices Expected to Stabilise

SHANGHAI, Oct 21 (SMM) -  As of October 21, high-carbon ferrochrome in Inner Mongolia was quoted at 8,500-8,700 yuan/mt (Cr50%), flat from the previous trading day. As steel mills were about to issue their tenders at the end of the month, the expectations for rising bid prices have increased on account of the shortage of available ferrochrome in the spot market and cost support. At the same time, the rising spot prices have improved the profits of some steel mills, and the market was once again wait-and-see. The growth in ferrochrome prices thus slowed down. It is expected that the high-carbon ferrochrome prices will remain stable before the bid prices are released.