Indian producers of Ferro Chrome have raised offers in the domestic market with greater price parity in exports
India’s domestic Ferro Chrome prices rise on stronger export market. Domestic ferro chrome prices rebounded strongly and deals were being concluded at higher levels. Prices have gained as ferro chrome exports were being concluded at higher levels. Demand from stainless steel mills have also increased as market sources feel that prices may increase further in the domestic market.
A producer source from Odisha stated, “Sentiment is reasonably positive in the market. We have got lot of inquires from international buyers. Owing to high demand we have raised our offers in the domestic market as well.”
Domestic offer price for High Carbon Ferro Chrome witnessed a substantial uptick from last week. HC ferro chrome 60% is being offered at around INR 61,000/MT (Ex-Odisha). A bulk order was also heard to be concluded at INR 60,750/MT (Ex-works).
The spot price of 60% grade Indian HC Ferro chrome is around 66 cents/lb CIF China. The Japanese spot import price for minimum 60% Cr material was assessed at 70 cents/lb CIF Japan.
SteelMint assessed that overseas demand for Indian Ferro Chrome has increased specially from China as there have been supply distruptions with respect to Chrome ore from South Africa and Turkey, resulting in Chinese buyers to purchase higher volumes from India. With exports becoming a lucrative option for the manufacturers, Indian producers of HC Ferro Chrome have raised offers in the domestic market. Market sources cited that Indian Ferro Chrome market to remain bullish in the near-term as demand from buyers has intensified.
Leave a Reply