But not all suppliers are enticed by the price hike because of a strong spot market and expectations of further price gains in the near term, Fastmarkets has learned.
Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel all released their monthly tender prices for high-carbon ferro-chrome over recent weeks, raising their offers by 250 yuan ($35) per tonne
As a result, Fastmarkets’ ferro-chrome contract 6-8% C, basis 50% Cr, ddp China
rose to 5,700-5,900 yuan per tonne on Friday May 8, up by 4.5% or 250 yuan from 5,450-5,650 yuan in the previous month.
But market participants have told Fastmarkets the increase fell short of expectations of around a 300-500 yuan per tonne increase, based on incremental increases in the upstream chrome ore market and lingering concerns over supply tightness.
Fastmarkets’ South Africa UG2 concentrates index, basis 42%, cif China was most recently at...