High Carbon Ferro Chrome prices regained an upward momentum in the domestic market on tight availability of the material and steady demand from buyers.

Current price for HC Ferro Chrome is around INR 71,500-72,000 /MT (Ex-Works Odisha) for 60% Grade. The price of HC Ferro Chrome in Raigarh is around INR 72,000 – 72,500 /MT, with reports of weak demand. FACOR Alloys one of India’s largest and established producers and exporters of High Carbon Ferro Chrome is offering HC Ferro Chrome at INR 73,500 /MT.

Overseas Market

Domestic spot prices of High-Carbon Ferro Chrome (50% basis Cr) in China fell to Yuan 6,750-6,900/MT (84-86 cents/ lb) from Yuan 6,800-7,000/ MT, on a delivered basis including 17% VAT.

China’s domestic spot prices of  HC Ferro Chrome are expected to be well supported in the near term after two of the country’s largest stainless steelmakers, Baosteel and Tsingshan Holdings, rolled over bids for January deliveries. Baosteel set its January Ferro Chrome purchase price at Yuan 6,850/MT ($1,119/MT), unchanged from November and December. Tsingshan, meanwhile, also settled its January price unchanged at Yuan 6,847/MT.

[su_note note_color=”#e8e7e3″]SteelMint assessed spot prices are likely remain steady as the stable bid prices have provided confidence in the market.[/su_note]

Prices of Ferro Chrome and Charge Chrome imported into China remained flat this week on sluggish demand and a softening domestic market. The spot price of Indian-origin High Carbon Ferro Chrome (58-60% Cr) was assessed at 84-85 cents/lb CIF China and that for South African charge chrome (48-52% Cr) at 83-84 cents/lb CIF China, both unchanged from a week earlier.

[su_quote]A trader from India reported, “Chinese buyers are unwilling to buy Indian origin Ferro Chrome at higher prices as there is ample domestic supply at moment.”[/su_quote]

The spot price of High-Carbon Ferro Chrome exported to Japan rose to 89-91 cents/lb CIF Japan Friday, from 88-90 cents/lb last week

Two deals were heard to be concluded at for High Carbon Ferro Chrome (60-65% Cr) 89-90 cents/ lb CIF Japan and 91 cents/lb CIF Japan. The cargoes will be loaded in East India late December or early January, and will be shipped to main Japanese ports. Buying interest for larger volumes is expected to pick up after Christmas.

SteelMint learned from market sources that there is currently shortage of supply in the market and production is low in countries like South Africa and Turkey as there is persistent electricity problem.

Exchange Rate: UDS 1= INR 61.82