Due to continuing supply interruptions and strong demand for material, Tsingshan announced its tender price for August-delivery high-carbon ferro-chrome
at 10,795 yuan per tonne on July 26. Subsequently, Baosteel announced on Wednesday that it had set its August tender at the same price.
Following these announcements, suppliers whose sentiment was propped up raised their prices sharply.
Fastmarkets’ price assessment for ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China
, jumped by 10.84% to 11,000-11,500 yuan ($1,690-1,767) per tonne on Tuesday, from 10,000-10,300 yuan per tonne one week earlier, and was now at its highest since September 2008.
“The market is crazy and full of surprises these days,” a ferro-chrome producer said.
Offers on the spot market were heard at 11,000-12,000 yuan per tonne ex-works, but few deals were concluded due to low availability, and because trading houses refrained from speculation given the...