Market participants believe that Chinese domestic high carbon ferro-chrome prices may have reached a bottom as they continued have to hold stable at RMB 8,300-8,400/tonne ($1,300-1,315/t) since early September. The market is awaiting Baosteel’s FeCr contract price for October but does not expect the price to affect spot prices by much. “Smelters are trying to support prices at the current level. This could be the lowest prices will go,” says a north China-based trader. Other traders also note that mills are not pushing smelters to sell cheap either, as mills realise FeCr producers are in no hurry to sell.
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