Ferro Chrome Price Analysis in March 2024 & Price Forecast

Current Price of Ferro Chrome

Ferro chrome prices went up in March 2024. The prices of high carbon ferro chrome rose by 30 USD/Ton. The steel mills were looking for low prices of raw materials.

In early March, the purchase price of steel mills was flat last month, and the volume of ferrochrome was average. Domestic small and medium-sized steel mills purchasing intention is depressed. Actual sales were few. Ferrochrome prices began to rise in mid-March after some steel mills raised purchase prices by $70 per ton. Ferrochrome producers and traders increased prices.

At the end of the month, the price of stainless steel was revised back, the raw material procurement of northern steel mills was promoted slowly, the downstream cautious wait-and-see attitude was significant, the high price of ferrochrome resources was delayed to be recognized by the market, and some suppliers’ quotations were slightly revised.

High Carbon Ferro Chrome

In early March, the price of high-carbon ferrochrome was barely stable, but after the middle of the year, the price of ferro chrome rose rapidly, driven by the rise in terminal procurement prices. The cost of imported high-carbon ferrochrome has increased significantly, domestic ferrochrome prices have generally risen, low-cost resources have been withdrawn from the market, and the prices of ferrochrome have risen by 30-40 US dollars per ton.

Current price of high carbon ferro chrome 2024 China Market High Carbon Ferrochrome Manufacturer

The Output of Ferro Chrome in March 2024

In March 2024, the national high-carbon ferrochrome output was 689,900 tons, an increase of 63,400 tons from 626,500 tons in February, a month-on-month increase of 10.12%, and a year-on-year increase of 6.43% (March 2023: 648,200 tons). From January to March 2024, the country’s cumulative production of high-carbon ferrochrome was 1.9831 million tons, a year-on-year increase of 16.50% (January to March 2023: 1.7023 million tons).

In March 2024, the national low-carbon ferrochromium production was 52,400 tons, an increase of 5,800 tons from 46,600 tons in February, a month-on-month increase of 12.45%, and a year-on-year increase of 20.46% (output in March 2023 was 43,500 tons). From January to March 2024, the country’s cumulative output of low-carbon ferrochrome was 157,200 tons, a year-on-year increase of 25.36% (January to March 2023: 125,400 tons).

Low Carbon Ferro Chrome Price Rebounded in March 2024

Low carbon ferrochrome prices rebounded in March. In the first half of March, steel plant bidding prices stayed at the bottom,  and the purchase volume and price of most steel plants fell, which formed an unfavorable guide for the market.

Current price of low carbon ferro chrome 2024 China Market LC Ferrochrome Manufacturer

The rebound in low-carbon ferrochromium production caused LC Ferrochrome prices continue to fall.

After the middle of the year, supported by the rapid rise in high-carbon ferrochromium and ore prices, the market for low-carbon ferrochromium also began to stop falling and rise. However, due to different production and sales pressures of various factories, the quotations varied greatly, and there was slight resistance to high-price transactions, and then the prices fell. The price increase of carbon ferrochrome was overwhelmed by the cost increase. In the game between demand and cost, most factories chose to give priority to closing the deal, so the quotations continued to be strong and did not increase further.

Ferro Chrome Price Forecast in April 2024

Ferrochrome domestic terminal market demand is weak, stainless steel prices are still weak in the cost line. China’s ferrochrome production is expected to increase in April. If there is no good news, the price of ferrochrome may have downward pressure.

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