Surging chromium and molybdenum prices drive steel mills to hike prices
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Update time : 2023-08-25 15:26:11
The prices of chromium and molybdenum have been increasing recently. The current ex-factory price of high-carbon ferrochrome in China has reached CNY 9,100-9,200/ 50 basis tons, and the increase since August has come to CNY 500-550/50 basis tons.
Besides, China’s ferromolybdenum price has also hiked by CNY 28,000/60 basis tons in the recent month, an increase of 11%. The current price has reached CNY 284,000-285,000/60 basis tons.
The surge in both high-carbon ferrochrome and ferromolybdenum was mainly due to the rising price of chromium ore and molybdenum concentrate, which raised raw material prices.
Driven by higher costs, Taiwan’s Feng Hsin and Wei Chih raised the surcharge for related products. In terms of stainless steel, major mills hiked their 316 offers for July and August. In addition, steel mills in the US also raised their stainless steel alloy surcharges for September.
According to the current market situation, market participants said that Taiwan’s major stainless steel mills are likely to hike their price of 300 series for September, and the price of 316L products will in particular have a relatively large increase. Besides, China Steel Corporation (CSC) was also expected to hike its fourth-quarter price of alloy wire rods.
