China's major stainless mills cut FeCr bids further for August

Major Chinese stainless steel producers have lowered their high-carbon ferrochrome (HC FeCr) procurement prices under long-term contracts for August delivery by Yuan 200/tonne ($30/t), a move that is largely in line with market expectations, Mysteel Global learned.

Tsingshan Group, the country's largest stainless steel producer, set its long-term contract procurement price for August at Yuan 8,095/t or $1,196/t (50% Cr basis) including tax and delivery, cash payment, sources confirm. Taiyuan Iron and Steel Co. (TISCO), another major stainless steelmaker based in North China, followed suit with its August