It is in Japan where the short-term pricing prospects seem particularly bullish, at least when compared to other major consuming areas. Traders here lead an emerging consensus that the de-stocking trend apparent globally has now ended, particularly in China. Mills stocks of chrome ore are believed to be below the 45-60 day minimum required for in-land smelters while falling ferrochrome imports and lower port stocks add to the view the Chinese market is tightening. This is especially the case as demand should recover shortly for seasonal reasons. Stainless mills and their customers need to replenish inventories for the autumn.
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