China stainless giants hold March FeCr bids, spot prices outperform

Leading Chinese stainless steel producers Tsingshan Group and Taiyuan Iron and Steel Co. (TISCO) have kept their March procurement prices for high-carbon ferrochrome (HC FeCr) unchanged. The decision has surprised industry watchers who had earlier predicted a price hike and stands in contrast to the stronger trends seen in the spot market.

Tsingshan, the country's largest stainless steelmaker, announced recently it was holding its bid for this month's delivery flat at Yuan 8,245/t (50% Cr basis), or $1,199/t, including tax and delivery, cash payment. TISCO, a large-scale steelmaker in North China, also kept its purchase price under long-term contracts unchanged, setting its