With weak demand for High Carbon Ferro chrome in India, prices remain unchanged for the time being as very few deals have been concluded in the past week.
Indian High Carbon Ferro chrome market remained stable but demand continues to be very thin. Current price for 60%grade is settled at around INR 69, 500/MT (ex-works Odisha) and INR 70,000/MT (ex-Raigarh).
“The market is quite flat, we are not receiving much at all in the way of enquiries”, remarked a producer from Odisha.
Chinese Market
Indian origin HC Ferro chrome (60% Cr) offers stood at 81-82 cents/lb CIF China; have fallen from 82-84 cents/lb CIF China a week ago.
No deals could be confirmed this week. Deals were hard to close this week as Chinese domestic prices — while having rebounded recently — remained below overseas offers. Domestic spot prices of 50% Cr Chinese HC Ferro chrome are RMB 6,350-6,450/MT (equivalent to 78.5-79.5 cents/lb.
Indian suppliers mentioned that they had little material to sell as supply remained tight due to production cuts in the country, but there were others, who were looking to export, given slow domestic demand and the weak Rupee against USD.Meanwhile, the spot price of South African-origin charge Chrome (48-52% Cr) was assessed unchanged on the week at 78-80 cents/lb CIF.
SteelMint learned from some sources that an increase in inquiries for both Indian Ferro chrome this week, but price expectation of buyers was little changed as Chinese domestic prices remained low despite a recent rebound.
“Demand for imports could rise if tight domestic supply persists in China and Chinese domestic prices continue to increase”, stated a trader from India.
Japanese Market
Japanese HC Ferro chrome prices stood at 86-87 cents/lb CIF Japan; flat from last week as price discussions continued around the same levels. An Indian producer source, however, said his sell indication would be 88 cents/lb CIF Japan and sales at 86 cents/lb CIF Japan were not possible.
Exchange Rate : USD 1 = INR 62
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