China stainless giants raise FeCr bids for May

China's leading stainless steel producers, Tsingshan Group and Taiyuan Iron and Steel Co. (TISCO), have raised their procurement prices for high-carbon ferrochrome (HC FeCr) for May by Yuan 100/tonne ($15/t) compared with April, a move that surprised the market and ended the prevailing bearish sentiment.

TISCO, one of the country's largest stainless steelmakers, took the lead in raising its May long-term contract price for HC FeCr to Yuan 8,295/t (50% Cr basis) or $1,213/t, including tax and delivery, cash payment, up Yuan 100/t from the previous month, the company had announced recently. Similarly, Tsingshan