Ferro chrome prices have found support at current levels showing very little indication of change while demand from overseas buyers remains modest.
SteelMint assessed ferro chrome 60% prices at around INR 57,500/MT (Ex-Jajpur).
Prices are stable as demand for the material is modest from stainless still mills and supply is restricted in the market. Market participants are anticipating a price rise in the ferro chrome market. “Currently, there is limited supply in the open market and prices can rise for this reason,” stated a producer source from Odisha.
Market participants are of the view that with supply tightness there is a strong impetus for ferro chrome prices to remain firm, but a lot also depends on how the demand is from overseas markets. SteelMint assessed there could be a seasonal spike in Ferro Chrome demand from overseas as stainless steel mills need to replenish stocks ahead of the peak summer consumption period.
Ferro Chrome Export Market Keeps Stable
SteelMint assessed 48-52% charge chrome at 59-61 cents/lb CIF China and offers for 58-60% Indian high-carbon ferro chrome was heard at 58 cents/lb CIF China.
Several producer sources from India said that the Chinese customers had no requirements for imported ferro chrome, and many were opting to buy domestic material. There is more interest in domestic ferro chrome which is easily available.
Slow demand in China, India’s largest export destination, continued to weigh on prices, said an Indian producer. SteelMint learned from market sources that there is limited downside to Chinese ferro chrome prices as big mills there have increased there purchase price for April. However, the spot market saw little improvement in transactions.
Offers to Japan for minimum 60% Cr material was assessed at 65-66 cents/lb CIF Japan.
There were no spot bids, offers or deals for minimum 60%-chrome material reported from Japanese buyers or Indian producers in the last one week.
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