High carbon ferro chrome prices declined on weak market sentiment and ample supply of the material.
Domestic HC ferro chrome prices dropped on low demand from end users. Current price for 60% grade is settled at INR 62,000-63,000 /MT (ex-works Odisha) and INR 64,000/MT (ex-Raigarh).
Prices are down as few producers are sitting on huge inventory and are clamoring to offload stocks, fearing that the price decline could intensify.
Market sources reported of sapped trading appetite, as most buyers are expressing a strong preference to stay out of the market. SteelMint assessed that weak demand has lead to marginal softening of prices, and further downfall in prices cannot be ruled out.
Export Market
Prices of ferro chrome imported into China remained flat this week, as per sources. SteelMint assessed the Chinese spot import price of Indian-origin 58-62% high carbon ferro chrome at 74-75cents/lb CIF China.
The spot price of Indian-origin high carbon ferro chrome (60-65% Cr) imported into Japan was assessed at 79-80 – cents/lb CIF Japan Friday, unchanged in absence of deals.
Exchange Rate : USD 1 = INR 66.5
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