China’s Tsingshan cuts August FeCr buying price by $43/t

Tsingshan Group, China’s top stainless producer, will be paying Yuan 300/tonne ($43/t) less for its high-carbon ferro-chrome (FeCr) purchases this month, the company declared in a notice on August 5, nominating a procurement price of Yuan 5,997/t including 13% VAT and delivery to its plant. The decline was in response to the reduction in price of the ferroalloy’s raw material, imported chrome ore, market sources said on Wednesday.

“Tsingshan’s FeCr procurement price cut for August is line with market sentiment and should be acceptable for smelters, as (Tsingshan’s) buying price is the same as the current EXW price of Yuan 5,750/t in Inner Mongolia,”a Shanghai-based analyst said. North China’s Inner Mongolia is the largest FeCr production base