Tender rises buoy China's UG2 ore, domestic FeCr markets

Domestic spot prices for ferro-chrome in China rose in the week to March 2, which supported the UG2 ore market, following an increase in ferro-chrome tender prices from China's leading stainless steel producers, sources said.

Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel raised their high-carbon ferro-chrome tender prices for March delivery by 700 yuan ($108) per tonne from the prior month on March 1.
The latest tenders are 8,700 yuan per tonne, 8,896 yuan per tonne and 8,900 yuan per tonne respectively, marking an increase of nearly 9% from the levels offered for February.
As a result, Fastmarkets' ferro-chrome contract 6-8% C, basis 50% Cr, ddp China was 8,700-8,900 yuan per tonne on Tuesday and the highest level since May 2017.
An increase in March tender prices had been broadly anticipated given continuing production restrictions in Inner Mongolia, sources said.

"The number of smelters still operating today has sharply decreased, most of them have 100 or 200 tonnes available for the spot market and the prices they're offering are above 9,000 [yuan per tonne]," a trader source said....

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