Hikes in February Bid Prices by Two Major Stainless Steel Mills Enhance Confidence in High-Carbon Ferrochrome Market

SHANGHAI, Jan 31 (SMM) - Taiyuan Iron and Steel Co., Ltd. and Tsingshan Group raised their February bid prices of high-carbon ferrochrome, both of which rose 450 yuan/mt (Cr50%) from the previous month. The bid prices were slightly higher than the market expectations, and the market confidence was further enhanced. In addition, chrome ore prices have stayed firm amid low inventories and port arrivals, offering solid cost support to high-carbon ferrochrome prices.

On July 31, the quotations of high-carbon ferrochrome in Inner Mongolia were 9,000-9,200 yuan/mt (Cr 50%), up 50 yuan/mt (Cr 50%) from the previous trading day.

SMM sees high-carbon ferrochrome prices going up further in the near future.