On January 21, Taiyuan Iron & Steel (Tisco) set its tender price for February-delivery high-carbon ferro-chrome
at 8,000 yuan ($1,235) per tonne, up by 2,200 yuan per tonne (38%) from 5,800 yuan per tonne offered for January.
Subsequently, Tsingshan and Baosteel also raised their February tender prices by a similar amount.
In response, Fastmarkets’ price assessment for ferro-chrome, contract, 6-8% C, basis 50% Cr, ddp China
, jumped to 8,000-8,200 yuan per tonne on Tuesday, a rise of 2,200 yuan per tonne (37.3%) from 5,800-6,000 yuan per tonne on January 19 and its highest level since September 2017.
The rise in tender values immediately boosted market sentiment, and domestic spot prices shot up for the fourth consecutive week to reach a three-and-a-half-year high.