Ferrochrome Prices Rose Slightly amid the Cost Support and Pre-Holiday Restocking Demand

SHANGHAI, Jan 10 (SMM) - Today, the high-carbon ferrochrome in Inner Mongolia was quoted at 8,700-9,000 yuan/mt (Cr50%) today, up 150 yuan/mt (Cr50%) from the previous trading day.

Amid the approaching Chinese New Year, the logistics services may be halted in the later period. And the bid prices offered by some special steel mills increased significantly amid the pre-holiday restocking period. The arrivals of chrome ore is expected to be insufficient, and thus miners are generally optimistic about the post-holiday market. Coupled with the strong pre-holiday restocking demand, the prices of chrome ore remain strong, which provides cost support of ferrochrome prices. Although the overall market transactions were still relatively thin, the low-priced goods were sold out amid the pre-holiday restocking period and the cost support. It is expected that the prices of ferrochrome will remain strong before the CNY holiday.