High carbon Ferro chrome prices remain unchanged despite weak demand in the market since last week.
Indian HC Ferro chrome market condition remains unchanged W-o-W with trading activity being quiet overall. Current price for 60% grade is settled at around INR 71, 500/MT (ex-works Odisha) and INR 71,000/MT (ex-Raigarh). Indian producers said there was a lack of procurement interest from domestic buyers and so most producers have not been able to raise prices.
In outlook, no substantial price movement is seen in the Indian Ferro chrome market, with sources continuing to credit the lack of transaction as the main reason behind the flat price trend. Moreover, realization from sales is also low.
Chinese Market
Domestic spot prices of 50% Cr Chinese HC Ferro chrome were unchanged at RMB 6,200- 6,400/MT W-o-W (equivalent to 76-79 cents/lb) owing to stable purchase prices from steel mills for November and output cuts.
Shanxi Taigang Stainless Steel, Baosteel and Jiuquan Iron & Steel last week decided to hold domestic Ferro chrome purchase prices for November. Taigang and Baosteel had previously reduced monthly prices for the eighth consecutive months, and Jiuquan Steel for the last three.
SteelMint learned from market sources that prices are likely to remain steady, and Indian producers could see some demand coming from China because production cut is expected in southern China, as power rates in the hydropower-dependent region typically has increased from November onwards. But, an increase is unlikely as stainless steel demand and prices could remain weak.
Exchange Rate: USD 1 = INR 61.4
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