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The low-carbon ferro-chrome market in Europe leapt over the two weeks to Tuesday October 26 to a multi-year high due to extremely tight availability, with some sellers not offering on the spot market and consumers scrambling to find material.
“The range in the European market is really wide – we had an offer rejected as far too high at $3.50 per lb Cr, but at the same time we could not buy replacement material for anything less than $3.60 per lb Cr,” a trader source told Fastmarkets. “The market is very confusing.”
Liquidity has been reduced on the spot market, with producers having low volumes of material available, and this has sparked concern among consumers needing feedstock.
Consumers have avoided the spot market where possible by drawing down stocks and hoping prices will fall again. However, those needing new material have faced quickly rising offer prices and few buying options.
Fastmarkets’ price assessment for ferro-chrome 0.10% C, average 65-70% Cr, delivered Europe was $3.43-3.75 per lb Cr on October 26, up by 38-50 cents (13.97%) from $3.05-3.25 per lb Cr two weeks earlier.
Source: Fastmarket
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