Indian Ferro Chrome market is going through a tough phase owing to persistent low demand. Producers reported that the market is more inclined towards the buyers’ side. Buyers are trying to bring market down as they are demanding material at much lower levels. Demand is also very low in the domestic as well as global market. Chinese market is continuously lowering the Ferro Chrome prices, which is putting the producers under tremendous pressure to lower their offers. Such a situation acts as a catalyst in the global market, as the commodity gets available at much cheaper cost. SteelMint learned that the producers are already offering at much lower level and any prices are close to the bottom.
Domestic price for Ferro Chrome in India is assessed to be in a range of INR 69,000 – 70,000/MT Ex-Jajpur. Deals were heard to be made at INR 69,000/MT already. Export prices for CNF South Korea (10-50mm, HC 60%) is 81 cents/lb, for CNF Japan (10-50mm, HC 60%) is 81 cents/lb and for CNF China (10-150mm, HC 60%) is around 78 cents/lb.
On the future outlook, Ferro Chrome prices are about to be at the similar levels with minor fluctuation in the near future. Any redemption of prices seems impossible right now looking at the market conditions. Moreover, prevailing Chrome Ore prices and low demand from Stainless Steel mills in the domestic and global market are keeping the producers away from any optimism.
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