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Print[Ferro-Alloys.com]The third quarter looks increasing dim for ferrochrome sellers. A major Asian Pacific stainless mill reportedly purchased up to 80,000 mt from two second-tier charge chrome producers for approximately 88-89￠, while a first-tier South African smelter mopped up at 93￠. Indian ferrochrome suppliers were thought to be offering at 92-93￠ in Japan, while Europe remains closed for business. The rand remained at around a ZAR10:$1 but showed no further signs of erosion. The strike at some of Xstrate/Merafe’s mines continued but had no effect on the market.
South African miners were able to boost their ore prices by about $5 per mt.
The market for 0.10% C ferrochrome split three ways. US prices remained above $2 per lb, while European tags were around $1.95-$1.98. However, the Asian market was very competitive, with 60-62% Cr material offered below $1.80 and up to $1.85 per lb.
Spot Chinese ferrochrome prices moved up last week, not based on increased consumption, but instead because of higher imported chrome ore prices. Baosteel was forced to raise its June ferrochrome tender price, with spot prices last week reaching 6,850-7,100 yuan per mt ex-producing point, 86.2-89.44￠ per lb, VAT unpaid.
However, China seems to be awash in chrome ore even as suppliers push the prices up. In the first four months of 2013, China imported 3,965,894 mt of chrome ore vs. 2,905,401 mt in the same 2012 period.
The major suppliers in the first four months of 2013 (same 2012 period in parentheses) were: South Africa, 2,178,774 mt (1,422,904 mt); Turkey, 649,193 mt (592,524 mt); Oman, 217,161 mt (132,212 mt); Albania, 210,501 mt (64,764 mt); Australia, 189,486 mt (134,692 mt); and Pakistan, 181,577 mt (101,672 mt). In April 2013 imports were 1,297,794 mt vs. 748,386 mt.
Chrome ore stock levels at main Chinese ports are around 2.78-million mt, including 1.44-million mt in Lianyungang, 610,000 mt in Tianjin, 370,000 mt in Shanghai, 300,000 mt in Zhanjiang and 58,000 mt in Fangcheng.
In April, the main importing companies were: Suzhou Defeng Mineral, 82,485 mt; Minmetals, 49,427 mt vs. 23,511 mt in March; Chinalight Resources, 471,72 mt vs. 38,476 mt; Sichuan E-hui Metallurgical, 36,635 mt vs. 50,875 mt; and Baosteel Resources, with 36,340 mt.
DLA sold 597 tons of low-carbon ferrochrome at its May BOA sale for an approximate value of $1.46-million. The buyers were CCMA and ProFound Alloys. The agency did not sell any chromium metal or high-carbon ferrochrome.
ENRC’s Independent Committee of the Board extended the deadline until June 24 for the consortium of the major owners of ENRC to present a takeover bid for the entire company. The Committee added that the consortium’s original bid materially undervalued the company.
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