High Carbon Ferro Chrome prices have found support at current levels showing very little indication of change while demand from overseas buyers remains modest.

Indian High Carbon Ferro Chrome market keeps steady at INR 71,000 /MT – 72, 000 (Ex-Works Odisha) for 60% Grade, unchanged from last week. The price of HC Ferro Chrome in Raigarh is trading around INR 73,000 /MT. However some buyers in Raigarh also claim to have offer at INR 72,000/ MT for bulk purchases. FACOR (Ferro Alloys Corporation Limited) is offering HC Ferro Chrome (60% Grade) at INR 73,000 /MT (Ex-Plant).

No substantial price movement was seen in the Indian High Carbon Ferro Chrome market, with sources continuing to credit the lack of transaction as the main reason behind the flat price trend. Moreover, realizations from Export sales are also at similar levels, as shown in the Table below

Overseas Market

Spot prices of High-Carbon lumpy Ferro Chrome imported into Japan from South Africa  were assessed at 92-94 cents/lb CIF Japan (Cr 65% min.), unchanged  for the fourth week in a row.. An Indian producer indicated sales interest at 90-92 cents/lb CIF Japan for minimum 60% chrome, 8% carbon, 3-4% silicon standard lumpy Ferro Chrome of 10-50 mm in size. However, no bids or deals were reported this week

Domestic spot prices of High Carbon Ferro Chrome (50% basis Cr) in China were steady W-o-W at Yuan 6,850- 7,000/mt (85-86.5 cents/pound), delivered with 17% VAT. The spot price of Indian-origin High Carbon Ferro Chrome (58-60% Cr) held firm W-o-W at 84-85 cents/lb CIF, China.

Market participants from India reported that demand for imported Ferro 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.

This week, major Steel mills in China like Baosteel, Tsingshan Group and JISCO have also declared their purchasing price for HC Ferro Chrome for December deliveries, with Baosteel, Tsingshan Group keeping purchase prices unchanged from the previous month. However, JISCO cut its Ferro Chrome purchase price for December deliveries by Yuan 50/MT ($8/MT)

On the future outlook, many expect that market condition will remain stable in the coming weeks and believe the slow activity will continue to restrict price movement. Views were mixed on market outlook. SteelMint learnt from sources that substantial quantity of Indian Ferro Chrome is expected to reach China in December and January as bookings were made because the Indian rupee had devalued against the dollar.