Ferrochrome Steel Tender Deviates from Expectations, Market Stalemate Observed [SMM Daily Review]

On March 4, the quoted price for high-carbon ferrochrome in Inner Mongolia was 7,450-7,650 yuan/mt (50% metal content), unchanged from the previous trading day. The steel tender prices announced yesterday showed a significant deviation from market expectations, leading to strong market sentiment of wait-and-see, which temporarily stabilized retail prices. Due to severe losses faced by ferrochrome producers, operating rates are difficult to improve, resulting in reduced demand for raw material procurement. The previously surging chrome ore prices have stabilized and are showing subtle signs of a downward risk. In the short term, the market remains in a stalemate and tug-of-war, and retail prices of ferrochrome may diverge from steel tender prices. However, under the influence of mainstream stainless steel mills' tenders, ferrochrome prices are expected to remain weak.

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