Indian Ferro Chrome prices increased marginally despite limited trade as producers decided to increase the prices, due to the depreciation of Indian Rupee and low supply in the domestic market. Producers reported that for quite a long time now they have been operating at lower prices and plants have started to shut down now. One of the major Ferro Chrome Producers, VISA Steel have shut down its Ferro Chrome plant in line with the shortage of Chrome Ore. A few major producers of Ferro Chrome have reported that by next month India may face supply shortage, as the Chrome Ore dispatches are highly affected which is hampering the production of Ferro Chrome. Many producers have reduced their production levels and a few units are shutting down, SteelMint learned from market sources.
Domestic Prices for Ferro Chrome in India is assessed at around INR 65,000/MT. Although one deal was also heard to be concluded at INR 66,000/MT, for 1000 MT quantity of size 10-70mm. Offers for CNF South Korea (10-50 mm, HC 60%) is at around 73 cents/lb, CNF Japan(10-50 mm, HC 60%) is at 74cents/lb and for CNF China the prices are at around 70 cents/lb.
On the future outlook, the prices of Ferro Chrome may stay at current levels till the demand returns, and the tender prices by Chinese Stainless Steel mills for the next month.
Leave a Reply