NEW YORK High-carbon ferrochrome prices have ticked up, with steel producers continuing to exhibit strong consumption through the summer.
Prices moved up to a range of $1.12 to $1.19 per pound from $1.12 to $1.17 previously as suppliers continue to push higher spot prices due to consistent demand and contract offtake.
"Demand is very strong, and I dont expect it to change," one supplier source said. "All of our customers keep taking at a very high rate."
"Most of the larger inquiries right now are from traders looking to replenish their stocks, but prices are still strong," a second supplier source said.
Meanwhile, a source at one ferromanganese supplier said that strong contract offtake through the summer is likely to prompt more spot business in the second half of the year, with higher prices.
"We all managed to maintain spot prices throughout the summer, so I think well see another push up in prices through the third and fourth quarters. The mills are going to have to come out for spot if they keep producing at these levels," he said. "Youve got a lot of mills running full speed, pulling harder on their contracts, so when they come out for spot, they wont find any pricing relief. There should be more than a few people coming out for a few trucks, so Im poised."