Copper Rebounds as Longest Drop Since December Deemed Excessive

SHANGHAI, July 9 (CBI China) -- After Taiyuan I/S and Baosteel released the tender prices for high-carbon ferrochrome for July, domestic spot prices continued to climb. Traded prices of high-carbon ferrochrome have risen to RMB 7,000/mt, with mainstream traded prices in the RMB 7,000-7,200/mt range and ex-works prices above RMB 7,500/mt. Sinosteel and other steelmakers said the current spot supply is tight, while traders said changes in overseas prices exerted marked impact on domestic price hike. Currently, overseas prices have reached Cents 87/lbs, and overseas suppliers said the basic prices for 3Q in international market were about Cents90/lbs, with actual traded prices stabilizing in the Cents 78-82/lbs range.
&nbsp;&nbsp;&nbsp; South Africa has entered the winter. Although the cold season has not come, the state-owned power companies raised the electricity taxes, coupled with the seasonal rise for electricity price, the cost of ferrochrome in South Africa in 3Q will be higher by Cents 8/lbs. The continuous slight increases in prices of high-carbon ferrochrome will help support stainless steel prices.
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