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Chinese steel mills' April ferrochrome tender prices plunge: sources

Singapore — The April ferrochrome tender purchasing price for three major Chinese stainless steel mills -- Baosteel, Tsingshan Holdings and Taiyuan Iron & Steel Co. (Tisco) -- dived Yuan 500/mt month on month, sources said Friday.

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The purchasing prices for Baosteel, Tsingshan Holdings and Taiyuan Iron & Steel Co. (Tisco) will be Yuan 7,500/mt, Yuan 7,496/mt and Yuan 7,250/mt, respectively, the sources said.

Sources said domestic Chinese prices had been dented by weaker market sentiment.

A South China trader said he expected a Yuan 500/mt decrease earlier this week, adding "it is close to market expectations."

The mills' tender purchasing prices serve as indicative bids for spot high-carbon ferrochrome.

The spread between the domestic Chinese ferrochrome price and CIF China import price widened to as much as 16 cents/lb.

The tender purchasing prices are equivalent to 91 cents/lb, 91 cents/lb and 88 cents/lb respectively for Baosteel, Tsingshan and Tisco, according to S&P Global Platts calculations. The dollar-Yuan exchange rate closed at 6.3046 on Thursday.

Platts assessed 58%-60% Cr high-carbon ferrochrome at 94-102 cents/lb CIF China and 48%-52% Cr charge chrome at 103-104 cents/lb CIF China on Thursday.

--Xinyue Zhang,

--Edited by Keiron Greenhalgh,