Chinese ferro chrome import prices rose this week after a major stainless steel mill raised its purchase price for May.
SteelMint assessed the 58-60% material also at 61-62 cents/lb CIF China, up from 59 cents/lb a week ago.
A stainless mill in east China set the May purchase price for high-carbon ferro chrome at RMB 5,097/MT delivered, up by RMB 320/MT from April, which would work out to around 61 cents/lb. Monthly purchase prices of major Chinese mills are followed by other mills and buyers in the country.
A sale of 48-52% charge chrome was reported at 62 cents/lb CIF China, and one for the 58-60% grade material, also at 62 cents/lb CIF China.
SteelMint assessed Japanese imports of minimum 60% material at 66 cents/lb CIF Japan, unchanged from a week ago, in the absence of deals, offers or bids.
Indian Ferro Chrome Exports in FY15 and FY16
| India Ferro Chrome Exports | ||
|
Country
|
FY16 | FY15 |
| South Korea | 137,506 | 134,656 |
| China | 140,275 | 92,386 |
| Taiwan | 54,919 | 28,151 |
| Japan | 35,526 | 42,063 |
| Italy | 17,123 | 15,085 |
| Netherlands | 19,277 | 23,792 |
| USA | 14,576 | 16,276 |
| Others | 46,610 | 58,622 |
| Total | 465,812 | 411,030 |
Quantity in MT
Source: Custom
Domestic Ferro Chrome Prices Unchanged
Prices of ferro chrome remained stable on stronger end-user demand. Market participants were optimistic about the near-tem market.
There has been improvement in the buying sentiment from Stainless Steel mills. However, offer prices have been kept unchnged. Currently, 60% grade is being traded at around INR 58,000/MT (ex-works Odisha).
A producer source from Odisha remarked, “Generally speaking most ferro chrome producers are resisting any discount on offers, and most steel mills would be willing to purchase at the current price, as demand is picking up and the market is unlikely to drop below this mark.”
There is a strong impetus for ferro chrome prices to remain firm and perhaps strengthen in the coming month.
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