Chemical News
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China ferrochrome prices fall on yuan depreciation, bleak outlook
http://www.chemnet.com Aug 31,2015 Platts
Platts assessed the Chinese spot import price of Indian-origin 58-62% high-carbon ferrochrome at 74-75 cents/lb CIF China Friday, down from 78.5-79 cents/lb CIF China a week ago.
South African-origin 48-52% charge chrome prices were assessed at 73.5-74 cents/lb CIF China Friday, down from 77-78 cents/lb a week ago.
Most Chinese buyers and overseas suppliers were waiting for the yuan to stabilize against the US dollar and for September purchase price announcements from BaoSteel and other major Chinese mills before entering the market.
A source close to a South African producer said it had not finalized September production plans yet and was not prepared to make moves.
However a handful of aggressive sellers were in the market offering at 74-75 cents/lb CIF China and other main Asian ports for Indian-grade material.
Chinese bids were heard at 73-74 cents/lb CIF China.
Indian producer and Chinese trade sources said deals were done at 74 cents/lb for both South African and Indian-grade cargoes. Details such as volume and chemical specifications were not available.
"Most customers are waiting for the exchange rate to stabilize. Only some can accept [trades at] 74 cents/lb CIF. They are seeking 73, 72 cents/lb," said one Chinese trader.
A second South African source said he had not received any inquiries and a bid at 74-75 cents/lb CIF China would be rejected.
The Platts assessments are for Indian material of 58-60% chrome, maximum 8% carbon, maximum 5% silicon, maximum 0.04% phosphorous, maximum 0.05% sulfur and lump size 10-150 mm, and South African material with 48-52% chrome, maximum 9% carbon, maximum 6% silicon, maximum 0.04% phosphorus, maximum 0.05% sulfur and lump size 10-100 mm, both for minimum orders of 500 mt on a CIF main Chinese ports basis.
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