The city of Ulanqab, a major ferro-alloy production hub in China’s autonomous region of Inner Mongolia, has
ordered smelters to shut down their small furnaces. The expectation of resultant lower supply in the short term immediately boosted sentiment in the spot market, sending the Chinese domestic ferro-chrome price to a 20-month high.
Fastmarkets’ weekly price assessment for
ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China surged to 6,700-7,000 yuan ($1,036-1,082) per tonne on Tuesday, up by 650-700 yuan (10.9%) from 6,050-6,300 yuan per tonne a week earlier and the highest level since May 2019.
Simultaneously, Fastmarkets’ ferro-chrome, 50% Cr, import, cif main Chinese ports assessment surged to $0.82 per lb contained Cr on Tuesday, up 4 cents (5%) from $0.78 per lb from the previous pricing session and the highest since May 27, 2019.
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