Ferro chrome prices in the domestic market edged up as prices have risen in in the export market.
SteelMint assessed weekly ferro chrome grade 60% prices at INR 62,000/MT (Ex-Odisha), up by 1,000/MT from last week. The realization prices in the export market have gained largely and so ferro chrome producers have raised their domestic offer levels.
On the future trend, most market participants believe there is a possibility of a further price-rise in the domestic market, due to limited availability expected in the coming days.
Ferro Chrome Prices Jump in the Export Market
The Chinese spot import price from India for 58%- 60% Cr grade was assessed at 73-75 cents/lb CIF China, up from 72-73cents/lb CIF China a week ago. Spot import price for 48%-52% Cr was also assessed at 73-75 cents/lb CIF China.
Two Indian producers said they were no longer offering in the spot market. The reduction in available offers has pushed some buyers to grab available spot supply at higher prices, further fueling panic buying, a Japanese trader said. Another producer source revealed that he was offering, but turning down requests for small volumes.
SteelMint learned from market sources that Ferro Chrome export prices are heading up because of supply constraints. But, after the April-June quarter demand generally slows down and people are skeptical if the price rise will continue.
SteelMint assessed Japan’s spot import price at 75-76 cents/lb CIF Japan, up from 74-75 cents/lb CIF Japan a week ago.
Exchange Rate: USD 1 = INR 67.4
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