The Life of Cramer 215
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China ferrochrome costs drop on yuan devaluation, grim overview
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Place prices of ferrochrome imported right into China dropped today on the yuan depreciation and weak demand because of the grim outlook for stainless steel.
Platts examined the Chinese place import rate of Indian-origin 58-62% high-carbon ferrochrome at 74-75 cents/lb CIF China Friday, down from 78.5-79 cents/lb CIF China a week earlier.
South African-origin 48-52% charge chrome costs were assessed at 73.5-74 cents/lb CIF China Friday, down from 77-78 cents/lb a week earlier.
Most Chinese customers and overseas vendors were waiting for the yuan to maintain against the United States buck and for September acquisition cost announcements from BaoSteel as well as various other major Chinese mills prior to entering the market.
A resource near a South African manufacturer claimed it had not completed September manufacturing plans yet and also was not prepared to make actions.
However a handful of hostile vendors remained in the market offering at 74-75 cents/lb CIF China and also other main Oriental ports for Indian-grade material.
Chinese quotes were listened to at 73-74 cents/lb CIF China.
Indian manufacturer and Chinese profession sources said deals were done at 74 cents/lb for both South African and Indian-grade cargoes. HEDP as volume and chemical specs were not available.
"The majority of clients are waiting on the exchange rate to maintain. Just some can accept [professions at] 74 cents/lb CIF. They are seeking 73, 72 cents/lb," said one Chinese investor.
A second South African source said he had not obtained any queries and a quote at 74-75 cents/lb CIF China would certainly be turned down.
The Platts analyses are for Indian product of 58-60% chrome, maximum 8% carbon, optimum 5% silicon, optimum 0.04% phosphorous, optimum 0.05% sulfur and also swelling dimension 10-150 mm, and also South African material with 48-52% chrome, maximum 9% carbon, maximum 6% silicon, maximum 0.04% phosphorus, optimum 0.05% sulfur and also lump size 10-100 mm, both for minimum orders of 500 mt on a CIF primary Chinese ports basis.
Platts examined the Chinese place import rate of Indian-origin 58-62% high-carbon ferrochrome at 74-75 cents/lb CIF China Friday, down from 78.5-79 cents/lb CIF China a week earlier.
South African-origin 48-52% charge chrome costs were assessed at 73.5-74 cents/lb CIF China Friday, down from 77-78 cents/lb a week earlier.
Most Chinese customers and overseas vendors were waiting for the yuan to maintain against the United States buck and for September acquisition cost announcements from BaoSteel as well as various other major Chinese mills prior to entering the market.
A resource near a South African manufacturer claimed it had not completed September manufacturing plans yet and also was not prepared to make actions.
However a handful of hostile vendors remained in the market offering at 74-75 cents/lb CIF China and also other main Oriental ports for Indian-grade material.
Chinese quotes were listened to at 73-74 cents/lb CIF China.
Indian manufacturer and Chinese profession sources said deals were done at 74 cents/lb for both South African and Indian-grade cargoes. HEDP as volume and chemical specs were not available.
"The majority of clients are waiting on the exchange rate to maintain. Just some can accept [professions at] 74 cents/lb CIF. They are seeking 73, 72 cents/lb," said one Chinese investor.
A second South African source said he had not obtained any queries and a quote at 74-75 cents/lb CIF China would certainly be turned down.
The Platts analyses are for Indian product of 58-60% chrome, maximum 8% carbon, optimum 5% silicon, optimum 0.04% phosphorous, optimum 0.05% sulfur and also swelling dimension 10-150 mm, and also South African material with 48-52% chrome, maximum 9% carbon, maximum 6% silicon, maximum 0.04% phosphorus, optimum 0.05% sulfur and also lump size 10-100 mm, both for minimum orders of 500 mt on a CIF primary Chinese ports basis.
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