Ferro chrome prices remained steady this week on backdrop of firm offers and tight supply.
Market sources reported that Stainless Steel mills in India are buying regularly. Although, it is not clear if prices could rise on restricted supply in the market, as India’s exports remained stalled, given weak Chinese demand.
SteelMint assessed ferro chrome prices steady at INR 57,000/MT (ex-Odisha). However, few plants are also offering material at INR 58,000/MT.
Market watchers believe that prices of ferro chrome would remain at these levels over the next few weeks as there is a re-emergence of buying activity.
Ferro chrome export prices flat in thin trade, market awaits direction
Spot high-carbon ferro chrome prices moved mostly sideways amid thin trade this week, as market participants sought clearer direction.
Price direction will likely come from Chinese stainless steelmakers setting domestic purchase prices for April, set to be announced soon.
Chinese customers were seeking 58-60% grade material at 55 cents/lb CIF.
SteelMint assessed the spot price of 58-60%-grade high-carbon ferro chrome at 56 cents/lb CIF China, and 57-58%-grade charge chrome at 57-58 cents/lb CIF China, unchanged from a week ago. Japan’s spot import price was assessed at 62-64 cents/lb CIF Japan.
“Buyers sense prices may be bottoming out, so they seem to be seeking some more volumes, but they are not booking anything yet because they want to be sure that prices will be really going up”, a producer said.
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