High Carbon Ferro chrome market has witnessed limited buying interest as end-users stayed on the sidelines because of shaky market sentiment.
High Carbon (HC) Ferro chrome market is relatively calm with participants describing trading activities as sporadic and slow. Currently, 60% grade is being offered at around INR 69,500/MT (ex-works, Odisha) and INR 70,000 (ex-Raigarh). Producer sources said that they were aware of downfall in the market, but with no inquiries it was difficult to see where the tradable value was.
“Ferro chrome market has been quiet since months. There has been some production shutdown, but there is definitely no shortage going on here and at this time as nobody is buying”, remarked an Odisha based producer.
Chinese Market
The spot price of South African-origin Charge chrome (48-52% Cr) stood at 79-80 cents/lb, CIF China; unchanged W-o-W owing to good demand from South China.
But, buyers outside of Southern China said they have limited requirements for import this week as import offers were unattractive to those with access to material in North.
The spot price of Indian-origin HC Ferro chrome (58-60% Cr) was assessed at 80-81 cents/lb, CIF China amid a lack of price indications in the market as producers continued to have limited spot material for sale.
An Indian producer source, who had sold at 81-82 cents/lb, CIF in late-December said inquiries had dried up this week as any deals finalized now would only reach China after Chinese New Year holidays (19-25 Feb, 2015). After the holidays in February, buyers would then decide on importing, he said.
The domestic spot price of 50% Cr Chinese HC Ferro chrome was assessed unchanged W-o-W at RMB 6,350-6,500/MT (equivalent to 77.5- 79 cents/lb).
Japanese Market
The spot price of HC Ferro chrome imported into Japan at 86-88 cents/lb, CIF Japan; unchanged for the 5th week since 12 Dec’14, on a deal and an offer reported in the range.
An Indian trader reported an offer at 87 cents/lb, CIF Japan from a Japanese buyer for February loading from India. Offer of 87 cents/lb, CIF was rejected.
Exchange Rate : USD 1 = INR 61.7
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