Ferro chrome prices slipped on lower demand, although prices had rebounded last week.
SteelMint assessed ferro chrome 60% at around INR 56,000/MT (Ex-Odisha), down by INR 1,000/MT from last week’s price.
Indian producers said domestic inquiries have not increased and there is little or no demand in the market. With demand-supply imbalance it is very difficult for producers to raise their offers.
“There are very few offers available right now. Producers want to lift prices but the increase so far is not very obvious. The stainless market has been doing very badly,” stated a producer from Odisha.
The lackluster stainless steel industry has weighed heavily on the ferro chrome market; hence sources believe prices are less likely to rise from this level.
Export Markets Keeps Stable after the Holidays
Export offers remained unchanged after the New Year holidays, with no significant change in demand.
This week demand from Chinese buyers remained low. According to market sources, most buyers are not in any urgent need to purchase. Meanwhile, with low purchase price set by Chinese stainless steel mills, spot trade becomes difficult to conclude at higher prices. SteelMint assessed 60% high-carbon ferro chrome at 56 cents/lb CIF China.
The price of 60% Indian high-carbon Ferro Chrome exported to Japan was assessed at 62 cents/lb CIF Japan, unchanged from last week. Deals were heard to be concluded for 10-50 mm lumps with minimum 60% Cr at 64/lb CIF Japan.
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