The spot price for South African charge chrome (48-52% Cr) was assessed at 83-84 cents/pound CIF China Friday, down from 83-85 cents/lb CIF China assessed the previous week, amid slow demand.
The spot price of Indian-origin high carbon ferrochrome (58-60% Cr) held steady week on week at 84-85 cents/lb CIF Friday.
This week, a South African producer sold about 1,000 mt of charge chrome to a Chinese trader at around 84 cents/lb CIF Shanghai, with the cargo expected to arrive in early January.
"We are not very happy about the price ... But not many people are ready to buy charge chrome now. Buying interest is low," said a source close to the producer.
A Chinese stainless steelmaker also bought 2,000-3,000 mt of Indian ferrochrome at 84-85 cents/lb CIF East China port this week, with its arrival estimated in early January.
"We consider the current market a fair market for buyers and sellers," said an official from the stainless producer.
No other deals were heard done, though industry participants indicated the tradeable price for South African charge chrome and Indian high carbon ferrochrome was around 83-84 cents/lb CIF and 84-85 cents/lb CIF, respectively.
Most sources agreed that demand for imported ferrochrome and charge chrome remained weak because of ample domestic supply within China, gaps between price expectations of buyers and sellers, and uncertainty over near-term price directions.
A Shanghai-based trader said her Indian supplier had lowered his offer by 1 cent/lb to 85 cents/lb CIF this week. "But our customer is only willing to buy at 84 cents/lb," she said.
Views were mixed on market outlook. Some said imported and domestic prices remained under pressure from rising Chinese production and large import volumes into the country.
Substantial amount of Indian ferrochrome is expected to reach China in December and January from bookings made when the Indian rupee had depreciated against the dollar, said the official from the stainless steelmaker.
Others, however, noted that while production in South Africa was generally expected to rise in the October-December quarter, there has since been some uncertainty over power supply issues in the African nation.
State electricity provider Eskom had announced emergency precautions on Tuesday and had required key industrial customers to reduce their power load by a minimum of 10%. It later lifted its emergency declaration on Thursday night, but warned in a statement that its system remained "critical" and "under enormous pressure."
Some market watchers also see support for Chinese domestic prices -- and hence import prices -- in the near-term after certain ferrochrome producers in Inner Mongolia were forced to halt production following environmental checks by local authorities.
Chinese domestic prices could also firm slightly towards year-end when stainless steelmakers stock up for production during winter and Chinese New Year holidays, noted a Beijing-based trader.
Overseas suppliers typically adjust their offers in line with Chinese domestic price movements.
Domestic spot prices of high carbon ferrochrome (50% basis Cr) in China were steady week on week at Yuan 6,850-7,000/mt (85-86.5 cents/pound), delivered with 17% VAT, on Wednesday.
