Spot prices have reached record levels in most regions on the back of strong demand and tight supply. However, looking forward the market appears weaker. European and major Chinese stainless mills are curtailing output while South African ferrochrome producers will keep winter maintenance to a minimum. If Chinese stainless output resumes later in Q3 to take up any slack in European and US demand then high prices should be maintained, but if China does not continue to use significant tonnage a correction might be due. European spot prices continue to show an upward trend, but have lost some momentum this month. Spot European high-carbon prices rose throughout June to average 125 cents/lb, an increase of 21 cents/lb, and continued to rise in July to reach 135 cents/lb. Meanwhile medium-carbon (0.1 percent) spot prices edged up by 7.5 cents/lb to reach 160e71b in July.
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