China's FeCr spot, tender prices move in opposite directions

The gap between spot prices for ferro-chrome in China and major stainless steel mills' November tender prices narrowed in the past week, with the former sliding further on destocking pressure while contract buyers showed more willingness to pay more to secure their feedstock.

Taiyuan Iron & Steel Group (Tisco) and the Baosteel Group both raised their November tender prices for high-carbon ferro-chrome by 510 yuan ($80) per tonne from a month earlier, following a 500-yuan-per-tonne increase by the Tsingshan Group.
As a result, Fastmarkets' price assessment of ferro-chrome contract 6-8% C, basis 50% Cr, ddp China rose by 500-510 yuan per tonne on Tuesday November 9 to 10,295-10,495 yuan per tonne, from 9,785-9,995 yuan per tonne on October 19. The October 19 assessment reflects the major stainless steel mills' tender prices for October-delivery ferro-chrome.
"The higher tender prices reflect mills' demand. Stainless steel production is expected to pick up this month and they also need to prepare for the first quarter in 2022," a trader in northern China said.

But the movements in the spot market reflect the supply...

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold