Export offers for India-origin High Carbon Ferro Chrome (58-60% Cr, 6-8% C) was pegged back at 87-88 cents/lb CFR China, down from 87-90 cents/lb CFR China a week ago amid weak sentiment. Offers were heard at 88-89 cents/lb CFR this week, but several industry participants indicated 87-88 cents/lb as the tradable range. The domestic Chinese spot price of High Carbon Ferro Chrome (50% Cr) was pegged at Yuan 7,000-7,100/Mt, which is equivalent to 86-87 cents/lb, unchanged from a week ago. Indian suppliers were more willing to lower offers to buyers in China, compared with a few months ago, due to the devaluation of the Indian rupee against the dollar in recent months, said an Indian producer. “There had been a big gap between the price ideas of buyers and sellers initially. But with the Indian rupee falling, 87-88 cents/lb has become a good price,” he said. Sentiment in the market was mostly weak as the Chinese stainless steel industry — the largest consumer of Ferro Chrome — remained lacklustre.
Meanwhile, offers for South African charge chrome were heard at 86-87 cents/lb CIF China this week, with market participants indicating the tradable price at 85-87 cents/lb CIF
The spot price of high-carbon lumpy Ferro Chrome exported to Japan was flat W-o-W at 92-94 cents/lb CIF Japan because of an absence of reported offers, bids or deals. An Indian producer said offers were possible at 93-94 cents/lb CIF Japan for material with 65% Cr, 3-4% silicon, maximum 8% Carbon, maximum 0.02% Phosphorous, and maximum 0.06% Sulphur, sizes 10-100 mm. He further added they saw no spot inquiries for the lumpy material as buyers appeared to have satisfied their requirements last month.
SteelMint learned that most market participants hold a pessimistic outlook towards the future market trend.
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