NEW YORK High-carbon ferrochrome prices have fallen below the $1-per-pound mark for the first time since early 2010, as sellers reported a dearth of spot inquiries and fierce competition for existing spot business.
"There should be 50 inquiries. Theres not. Theres maybe three," according to one trader.
"The fourth quarter has been disappointing (so far)," a second trader said, adding that there is little on the horizon to suggest that business will pick up before year-end.
The material is now trading between 99 cents and $1.01 per pound, down from $1 to $1.03 per pound previously, with truckload business reported at the lower end of the range this past week.
Prices have fallen steadily after hitting a high of $1.17 to $1.22 per pound in May as demand has dropped off, particularly from the stainless sector.
Demand for premium material used mainly in the foundry sector was still said to be strong. "Ive got a lot of inquiries for that quality," one supplier said.