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China's high-carbon ferrochrome (FeCr) market has come under significant pressure

09-30-2024 05:24 PM CET | Industry, Real Estate & Construction

Press release from: ABNewswire

China's high-carbon ferrochrome (FeCr) market has come under

China's high-carbon ferrochrome (FeCr) market has come under significant pressure during the past month from declining production costs and low profitability among stainless steelmakers, and there's no end in sight. Going forward, weak demand from end-users in the stainless sector could exert further downward pressure on FeCr prices, cautions a Wuxi-based analyst.As of September 10, the price of high-carbon FeCr with 55% Cr content in North China's Inner Mongolia - a key benchmark for the domestic market - dropped to RMB8,500/tonne ($1,194.7/t) (50% Cr), ex-works and including tax. This marked a further decline of RMB200/tonne compared with the previous month.The primary driver for this price drop has been mounting losses among stainless producers, the analyst said. Many are grappling with significant production losses, making them reluctant to offer high bidding prices for raw materials such as nickel pig iron (NPI) and FeCr.

According to latest survey, Chinese stainless steel producers using domestic NPI as feedstocks suffered an average loss of RMB 2.13 for every tonne of stainless steel they produced as of September 10, compared with a profit of RMB 0.8/t just one month earlier. These losses are expected to deepen as domestic stainless prices face further downward pressure from weaker end-user demand, the analyst predicts. In response, major stainless steelmakers have already lowered their tender prices for FeCr. For example, on August 21, Tsingshan Group, China's largest stainless steel producer, announced its bidding price for high-carbon FeCr at RMB8,695/t (50% Cr), including delivery and tax, with delivery due before October 10. The price represents a drop of RMB 200/t from the previous month.

Tsingshan had reduced its September purchasing price at Tianjin port by RMB150/tonne month-on-month, according to a bidding announcement also on August 21. On the smelters' side, the lack of cost support has made it difficult for FeCr smelters and traders to push for higher prices. Over August 9-September 10, the price of chrome concentrate imported from South Africa fell slightly by RMB 1/dmtu on month, settling at RMB 61.5/dmtu at Tianjin port. This small decrease was largely due to high stocks of chrome ore accumulated in early September, which put downward pressure on concentrate prices. Similarly, the price of metallurgical coke has experienced a notable decline over the past month. As of September 10, China's national composite coke price, had slumped by RMB 295.2/t on the month to RMB 1,544.5/t, including 13% VAT.

Given their declining costs, it's probably no surprise that production among Chinese FeCr smelters has remained relatively buoyant, which covers 95% of domestic FeCr smelters, showed that output of high-carbon FeCr in August remained strong at 797,260 tonnes, only slightly down from July's 801,800 tonnes.

Looking ahead, domestic FeCr smelters are expected to maintain high production levels this month, with China's crude stainless steel output in September likely to remain robust. It estimates that crude stainless output from the 43 mills under its regular tracking will reach 3.33 million tonnes this month, which is still high though down 0.7% from August's 3.36 million tonnes. This has heightened concerns of an oversupply of FeCr, which could drive further price declines this month, the analyst concluded.

Media Contact
Company Name: Orcharm (Tianjin) International Trading Co., Ltd.
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=chinas-highcarbon-ferrochrome-fecr-market-has-come-under-significant-pressure]
Phone: +86 13920990682
Address:Tianda Science and Technology Park, South Tower 203, No.80, the 4th Street, TEDA
City: Tianjin 300457
Country: China
Website: https://www.orcharmsteel.com/



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