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[Ferro-Alloys.com]

 

Prices across Europe's ferro-chrome suite extended their losses on 5 July, as offers for imported alloy put additional downside pressure on the depreciating market.

High-carbon 60-64.99pc ferro-chrome was assessed down at $1.25-1.60/lb ddp and 65pc grade at $2.50-2.90/lb, down by 29pc and 8pc, respectively, from 21 June when prices began to slip. In the low-carbon market, the lower grade trimmed at the topside to $3.30-3.60/lb ddp, while the higher grade spanned out at the low end to $4.15-5.90/lb ddp, down by 10pc and 16pc, respectively, from 21 June.

The downside for European ferro-chrome is twofold. Unlike many markets that corrected throughout May and June, bullish sentiment from producers supported prices, but with the influx of discounted offers for imported material laying pressure on the continent, this is no longer a viable position.

In view of depressed demand from steelmakers, Asian suppliers are targeting the arbitrage presented in the European market. 

That said, with European end users being "hammered" by rising power costs, price spreads narrowing and recessionary risks on the horizon, market participants have voiced considerable unease about the market outlook.

Further price declines are widely expected in the coming months, with the potential to stabilise in the latter part of the year, one trader said, but at what level remains in question. ArgusMetals