The India ferro chrome market found prices supported by stronger export market.
SteelMint assessed weekly ferro chrome grade 60% prices at INR 62,500/MT (Ex-Odisha), up by 500/MT from last week’s prices. Few producers are also offering at INR 63,000/MT, but no deals were heard to be concluded at this level.
In line with stronger export market, Indian ferro chrome producers have hiked their offers in the domestic market. “There is some optimism in the market now, and in the coming days we are expecting prices to be well supported,” stated a producer from Odisha.
Ferro Chrome Export Market Stable at around 75 Cents/lb CIF
Spot prices of high-carbon ferro chrome in the export market were stable this week at around 75 cents/lb CIF.
The spot price of 58-60% chrome-grade material was assessed at 74-75 cents/lb CIF China.
However, one Indian producer said there were signs the positive momentum was starting to fade. “Inquiries are there, but people have become slower in buying,” the producer said, suggesting deals over 75 cents/lb CIF would not be achievable.
A second producer did not agree the market was slowing. “The 80 cents/lb target is not achievable, but the market is not slowing, only stabilizing,” he said, adding that most Indian producers had limited spot volumes to offer.
The 48-52% Cr charge chrome t was unchanged W-o-W at 73-75 cents/ lb CIF China in the absence of deals, offers or bids reported.
Japanese spot ferro chrome pricing was assessed at 75-76 cents/lb CIF Japan.
Exchange Rate: USD 1 = INR 67.1
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