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China: Price of iron ore and ferrochrome increased


Sahit Muja, Albanian Minerals President and CEO

03.12.2014 07:26:37 -

(live-PR.com) - Today China’s stocks rose, with the nation’s benchmark index extending to three year highs, after new report that China's services trade improved and investors bet the central bank will ease monetary policy to support the economy. Data showed China’s non-manufacturing purchasing managers’ index rose to 53.9 in November from 53.8 in October.

China's ferrochrome prices has increased 5% today, supported by

 

tight supply and tension of reduced output in South Africa, India and Mongolia .

Albanian Minerals President and CEO Sahit Muja said, "Global ferrochrome supply has continued to tighten . China's largest stainless steel maker's has raised its high carbon ferrochrome tender price for December. The price of chrome ore increased in global markets today as miners mining companies are refusing to sell at the lower price".

According to Chinese government report, China accounts for 40 percent of global ferrochrome production. China has no chrome ore reserves to produce ferrochrome, which is an essential ingredient of stainless steel. Chrome ore production in South Africa, Zimbabwe, India, Turkey, Albania, Pakistan, Oman has dropped in 2014. South Africa and Zimbabwe the main supplier of chrome ore in China are on the full blown energy crisis and rising cost of chrome ore mining. In its latest research report, Moody’s has predicted modest recovery for EU stainless steel market in 2015.

The stainless steel production by the region is likely to increase during next year. The rise in cheap imports of stainless steel products from China and Taiwan are likely to limit hike in stainless steel prices. Yieh United Steel Corporation, the largest integrated stainless steel mill in Southeast Asia, has announced to hike its domestic prices for stainless steel products for December.

The spot price of iron ore fines 62% to China has increased slightly. Current price of iron ore is being offering at US$69.45/ton, climbing by $0.09 a ton or 0.13% from the previous price.
The average price of iron ore was $69.54 ton in the month. Meanwhile, the China Iron Ore Price Index (CIOPI) increased by 0.23 points or 0.09% week on week to 255.87 points as of December 1st, according to the latest statistics by the China Iron and Steel Association .


Press Information:
Albanian Minerals



Contact Person:
Diana Green

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Web: http://www.albanianminerals.com



 

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