SHANGHAI Chinas Jiuquan Iron and Steel (Group) Co. Ltd. has called for bids for its February high-carbon ferrochrome tender.
Most of the prices from smelters are above 7,800 yuan ($1,242) per tonne, a major Beijing trader said.
All prices were at 7,800 to 8,000 yuan ($1,254 to $1,286) per tonne, a Shandong steel mill source said. Jiuquans last January purchase price was 7,300 yuan per tonne, up 350 yuan from December.
Chinese ferrochrome prices strengthened earlier this month after the countrys largest stainless steel producer lifted February prices to 7,800 yuan ($1,254) per tonne. Spot prices rose to 7,800 to 7,900 yuan ($1,254 to $1,270) per tonne Jan. 24, up from 7,400 to 7,500 yuan earlier.
I guess the price will be at or above $7,800 yuan ($1,254) per tonne as per the current market environment, the mill source said.
Some market players said that the Jiayuguan-based company might not pay more than 7,700 yuan ($1,238) per tonne for raw material, as it has sufficient stock.
The price is expected to be fixed at the end of the week.
A version of this article was first published by AMM sister publication Metal Bulletin.