The Ferro Chrome market has been presently stable as prices have stagnated over the weeks and demand was as usual low.
“There are very few buyers available in the market right now. Producers want to lift prices but the stainless steel market has been doing very badly,” stated a producer from Odisha.
Ferro chrome prices were stable as demand continues to remain subdued. SteelMint assessed ferro chrome 60% at around INR 56,000/MT (Ex-Odisha). Ferro chrome prices in the domestic market were assessed unchanged W-o-W as buyer’s absence constrained trading activity. Buyers were happy to stay on the sidelines given the unclear market condition.
Ferro Chrome Export Market Still Unchanged
There were few inquiries for Indian origin Ferro Chrome in the export market although most Indian producers are of the view that prices have bottomed out.
SteelMint assessed the spot price of Indian-origin high carbon Ferro chrome (58- 60% Cr) at 56/lb CIF China. Deals were hard to close due to disparities between buyers’ and sellers’ price expectations, and weak stainless steel demand and prices in China.
SteelMint assessed the spot price of high-carbon Ferro chrome imported into Japan at 62-64 cents/lb CIF Japan.
Most market participants feel that sparse demand has sapped the ferro chrome market and that prices will remain at this level in this month.
Exchange Rate : USD 1 = INR 68.5
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