HC ferro chrome market continued to remain bearish this week, as producers kept their offer prices unaltered amid lower end-user demand.
Despite spot offers falling steadily earlier, sources said they were still finding it difficult to arouse buying interest. “We had cut buying prices of ferro chrome earlier looking at the market conditions, and not many optimistic about the steel market in the coming days” stated a producer source from Odisha.
SteelMint assessed ferro chrome prices this week unchanged at INR 60,000-60,500/MT (Ex-Odisha) and INR 61,000/MT (Ex-Raigarh). Indian producers said continuing sluggish demand has evaporated any possible upside potential.
Market sources are of the view that ferro chrome market outlook looks weaker in the coming days.
Ferro Chrome Export Prices Flat Amid Scant Buying Interest
High-carbon ferro chrome prices were flat this week amid scant buying interest from traders and stainless steel producers.
The Japanese spot import price of 60% grade ferro chrome was assessed unchanged W-o-W at 72-73 cents/lb CIF main-port Japan. Offers from Indian suppliers were reported at 73-74 cents/lb CIF Japan, narrowing slightly from 73-75 cents/lb the week before.
An Indian trader said he was not able to conclude any deals this week, as he was offering at the same level as last week at 73-74 cents/lb CIF Japan or 71-72 cents /lb CIF China.
Indian producers said there was no demand at all from China this week. Export supply from India and South Africa has been losing steam as China’s domestic ferro chrome prices have been softening assessed SteelMint. Chinese buyers were also reluctant to purchase from South Africa due to the longer shipping time.
The price of Indian 58-62% high carbon ferro chrome was assessed at 70-71 cents/lb CIF China and South African 48-52% charge chrome at 70-73 cents/lb CIF, both flat W-o-W with no deals reported.
China’s Taiyuan Iron & Steel released its October ferro chrome procurement price at RMB 5,800/ MT (USD 913/MT), down RMB 150/ MT from the month before, and in line with Baosteel’s price cut over the same period.
Ferro chrome prices look likely to slip further on deteriorating demand from stainless producers.
Exchange Rate : USD 1 = INR 65
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