Japanese traders said Monday that offers for low carbon ferrochrome haven't moved in the past two weeks, despite the fall in high-carbon material following the plunge in the UG2 chromite prices.
One Japanese trader said he was recently offered by a Russian producer $1.90-$1.95/lb CIF Japan for 10-50 mm lumps of minimum 60% chrome content, maximum 0.1% carbon, around 4% silicon, prompt loading.
A second Japanese trader was offered Monday $2.05-$2.10/lb CIF Japan for material with a similar specification but origin possibly China, for June loading.
High-carbon ferrochrome prices have fallen following the plunge in the South African 42% UG2 chromite prices last week to $150/mt CIF China or less, from $300/mt CIF China a month ago.
UG2 is used by some high-carbon ferrochrome producers, but not for low-carbon ferrochrome production.
High-carbon lumps of Indian origin was offered Monday at $1.05/lb CIF Japan, said a Japanese trader.
This was for 10-50 mm sized material with minimum 60% chrome, 3-4% silicon, 8-9% carbon, 0.03-0.04% phosphorous and 0.05% sulfur, to be loaded in India in June.
The most recent spot deal to Japan closed at $1.14/lb CIF Japan at the end of April, for a lot above 100 mt.
The latest Platts high-carbon ferrochrome assessment dated May 12 stood at $1-$1.05/lb CIF Japan, down from $1.15-$1.18/lb CIF Japan on April 28.
Meanwhile, a Middle Eastern producer said he would not offer at $1.05/lb CIF Japan and would seek to sell above $1.10/lb CIF Japan. He, however, was not in the spot market this week, he said.
"Since sales to Europe have been above $1.10/lb CIF, there is no reason to sell so low," the producer said.
