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China’s domestic spot ferro-chrome price softened on Friday March 29 after domestic suppliers cut their prices to encourage sales.
Fastmarkets’ assessment for the Chinese spot domestic ferro-chrome price was 7,100-7,300 yuan ($1,058-1,088) per tonne on Friday, a fall of 100 yuan per tonne from a week ago.
Domestic stainless steel mills in China showed less interest in buying on the spot market in anticipation that the price would slide further after the country’s 13% value added tax (VAT) came into effect on April 1.
“There is ample [ferro-chrome] supply, and we won’t consider securing cargoes at a price higher than our [April] tender price,” a Chinese stainless mill said on March...