China: Tsingshan group reduces January Purchase Price of Ferro Chrome
Tsingshan group in China announced its January tender price for HC Ferro Chrome which is down by RMB 200 (USD 29) from December levels. The prices for Ferro Chrome were earlier dropped by RMB 400 (USD 57)/50 basis tons in December. The demand of Ferro Chrome remains absent all over the globe and with the Christmas holidays, the US and Europe market remains silent.
Oversupply of Ferro Chrome in the Chinese market has dropped the demand for Ferro Chrome. Meanwhile, downstream procurement action is still mainly based on restocking small batches of inventory and continuous operations.
Tsingshan Group released its HC Ferro Chrome purchase price for January’19 which is 5,797 Yuan (USD 829 )/ 50 basis, and the price of CITIC pacific was decreased by 120 yuan / 50 basis tons to 6280 yuan / 50 basis tons.
Meanwhile, Chrome Ore inventory has been continually decreasing since mid of this month, easing the previous downward pressure on ore prices. Although producers don’t anticipate the inventories to decline anytime soon, they feel that the market may remain stable during New Year and Christmas holidays. Amid soft demand and thin trading activities, Ferro Chrome manufacturers are selling at a lower cost to secure liquidity.
source: SteelMint
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