Domestic Ferro Chrome prices edged up on restricted supply owing to curtailed production.
“Earlier, the falling prices of the commodity led to high inventory while demand was dull, thereby creating a selling pressure on the sellers. However, a significant cut in Ferro Chrome production has eased the same,” said a source justifying the uptick of the commodity’s prices.
SteelMint assessed Ferro Chrome price at INR 74,000/MT (ex-Odisha). However, few producers are heard quoting INR 76,000/MT.
Demand from China remains gloomy as there is ample supply in the region and buyers are preferring domestic commodity over imports.
Furthermore, higher USD has also restricted the buyers from importing, hence hampering the market for Indian exporters.
Export offers are assessed at 76 cents/lb CIF China, 79 cents/lb CIF Korea and 80 cents/lb CIF Japan.
Moving ahead, Ferro Chrome market seems uncertain as participants are of mixed sentiments. However, the price of the commodity is expected to hold at the current level unless the market gets a clear direction.
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