HC ferro chrome prices declined on weak market sentiment as sources reported of sapped trading appetite, with most buyers expressing a strong preference to stay out of the market.
Buying activity for high carbon ferro chrome remained limited and prices have been cut further. Currently, 60% grade is being traded at around INR 62,000/MT (ex-works Odisha) and INR 63,000/MT (ex-Raigarh).In the previous week, offers were at INR 62,500/MT (ex-works Odisha) and INR64, 000/MT (ex-Raigarh).
Sources reported that along with extremely poor demand for ferro chrome the market is also plagued with over-supply of the material. Stainless steel producers continued to show little interest in procuring ferro chrome, as they have cut-down on their production levels and are holding sufficient stocks.
China Ferro Chrome Spot Prices Flat on Slow Trade
Spot ferro chrome import prices in China were flat this week as trade slowed further on expectations of Chinese stainless steelmakers cutting output later in the year.
The spot import price of Indian 58-62% high-carbon ferro chrome was assessed at 72-73 cents/lb CIF China, and South African 48-52% charge chrome was assessed at 71-73.5 cents/lb CIF China.
Indian producers said there was no spot deal closed this week, and there were inquiries at 71-72 cents/lb CIF China.
Baosteel’s September purchase price for domestic ferro chrome was Yuan 6,150/MT (USD 963/MT), while Taiyuan Iron & Steel’s was Yuan 5,950/MT (USD 932/MT).
Japanese Ferro Chrome Market
Japan’s spot ferro chrome prices were unchanged this week, while stainless scrap prices rose.
SteelMint assessed the spot price of high-carbon ferro chrome imported into Japan at 75-76 cents/lb CIF Japan.
However, spot prices of Japanese stainless steel scrap, used as substitute for primary ferro chrome, were rising on robust South Korean scrap demand.
One ferro chrome producer said that spot trading was quiet, which was also due to the currencies of ferro chrome-exporting countries strengthening against the US dollar and preventing a further fall in spot prices.
Exchange Rate : USD 1 = INR 66.3
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