Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Monday the firm agreed with South African based ferrochrome miners including Xstrata to keep ferrochrome purchase price in October-December as July-September. NSSC settled the price last week as European stainless makers. Ferrochrome suppliers sought price hike while stainless makers rejected the hike. The buyers and suppliers finally agreed to left the price unchanged when stainless market increases uncertainty under slowing economy and weak stainless buyers’ sentiment driven by lower nickel price.
The quarterly price is 128 US cents per pound of chrome or US$ 1,467 per tonne for 52% chrome products as July-September. The price decreased by 15 US cents in July-September from recent peak of 143 US cents in April-June. The price in October-December is 10 US cents higher than a year earlier level. South African suppliers sought price hike to keep the business when their profitability is damaged by structural cost increase mainly for electricity. Stainless makers couldn’t accept any price hike of ferrochrome when worldwide economy slows and stainless demand is uncertain. However, stainless makers recognize South African chrome suppliers’ loss making operations. With the supply side cost factor, ferrochrome price couldn’t decrease from current level.Japan Steel Scrap Composite Prices (Sangyo Press)
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