It looks like the Chinese stainless producers played the ferrochrome market wisely. On July 2, after the Chinese mills set their July ferrochrome price at rmb 7,800 per mt, many bought minimal tonnages at that level in anticipation of the Inner Mongolian ferrochrome smelters reopening in mid July. Well the smelters started reopening sooner and the spot Chinese price has fallen to around rmb 7,600 with further decreases probable. So the July increase will effectively soon be history, and sellers think the spot price will fall to around rmb 7,100 in the next few weeks. Any bets on the August price? We know Glencore will be at $1.38 with its benchmark.