Leading Chinese stainless mills lower FeCr bids for fifth straight month

China's high-carbon ferrochrome (FeCr) market is facing intensifying downward pressure as leading stainless steel mills have lowered their procurement bids for the ferroalloy for the fifth consecutive month, severely dampening market sentiment, Mysteel Global notes.

For November delivery, major mills have slashed their FeCr bidding prices by a further Yuan 200/tonne ($30/t) recently. Tsingshan Group, the country's largest stainless steel producer, has set its purchase price under long-term contracts at Yuan 7,595/t or $1,139/t (50% Cr basis), including tax and delivery, cash payment, according