South African charge chrome prices fell while India ferro chrome prices held stable this week.
The spot price of 48%-52% charge chrome imports into China at 57-58 cents/lb CIF China, down from 59-60 cents/lb CIF China last week, on deals reported below 58 cents/lb CIF China.
Import demand in China was lackluster as Chinese mills were buying local supplies at less than 58 cents/lb ex-plant.
Overseas suppliers, in competition with the Chinese producers, had offered lower.
SteelMint assessed 58%-60% high-carbon ferro chrome of Indian origin, at 56 cents/lb CIF China, unchanged from last week, due to an absence of offers, bids or trades reported.
Indian producers had told SteelMint previously that there was no need to sell overseas at lower prices. Japan’s spot import price of 60%-65% grade high-carbon ferro chrome rose to 64-65 cents/lb CIF Japan compared to 62-64 cents/lb CIF Japan a week ago. One Indian producer said 65 cents/lb CIF Japan was acceptable, but he has not offered to Japanese buyers.
A deal for Indian ferro chrome was reported done into South Korea at around 63 cents/lb CIF Busan, which could be normalized to 64 cents/lb CIF Japan due to extra freight cost from India to Japan.
Domestic Ferro Chrome Prices in India Remains Flat
Ferro chrome prices were unchanged as consumers prefer to make procurements on hand-to-mouth basis, with buyers and sellers unwilling to budge on price ideas.
There has been no improvement in the buying sentiment from Stainless Steel mills, remaining limited to sporadic, small volume sales. Offer prices have been kept static as a result.
Currently, 60% grade is being traded at around INR 56,000/MT (ex-works Odisha).
SteelMint assessed, with an uptick in demand for ferro chrome looking unlikely, prices should remain stagnant in the coming weeks.
Exchange Rate: USD 1= 67.8
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