- OMC lifts base prices by 2-3% for chrome ore auction
- Chinese FeCr tags hold firm amid cautious sentiment
Indian high-carbon ferro chrome (HC60%, Si:4%) prices remained largely stable w-o-w, inching up by INR 100/tonne (t) ($1/t) in comparison to the previous assessment on 9 April. The market operated at stable prices, and the same was reflected at Vedanta-FACOR’s auction on 14 April. Additionally, the market awaited the outcome of the upcoming chrome ore auction from the Odisha Mining Corporation (OMC), scheduled for 19 April.
High-carbon ferro chrome (HC60%, Si:4%) prices in India were INR 100,700/t ($1,176/t) exw-Jajpur, as per BigMint’s assessment on 16 April. Deals for around 7,000 t were finalised in the price range of INR 100,000-102,500/t ($1,168-1,197/t) exw.
Low-silicon high-carbon ferro chrome prices stayed unchanged w-o-w at INR 105,500/t ($1,232/t) exw-Jajpur. Sources highlighted that inquiries for it were limited during this period.
Meanwhile, low-carbon (C:0.1%) ferro chrome prices dropped by INR 1,250/t ($15/t) w-o-w to INR 203,750/t ($2,380/t) exw-Durgapur.
Market summary (10-16 April 2025)
Trades occur at stable price range: The domestic market did not witness any major movement in this period, with most trades concluded within a steady price range w-o-w. The same was seen at the recently concluded Vedanta-FACOR’s ferro chrome auction on 14 April 2025. In that, the bigger lot of 10-150 mm fetched an H1 price of INR 100,100/t ($1,169/t) exw, up by INR 1,400/t ($16/t) against the previous auction on 21 March. This was in line with the prices currently prevailing in the market.
A seller informed BigMint, “We are offering material at INR 103,000/t ($1,203/t) exw, but counters from buyers are at around INR 101,000/t ($1,180/t) exw. Still, we are hopeful that buyers will gradually come to accept these offer levels.”
Base prices rise for upcoming OMC chrome ore auction: OMC has scheduled an auction for 104,600 t of chrome ore on 19 April. Although the offered volume declined by 10,400 t m-o-m, base prices increased by 2-3% (INR 189-675/t) m-o-m.
Chinese prices remain firm: Ferro chrome (HC60%) prices in China were more or less stable, down slightly by RMB 50/t ($7/t) w-o-w to RMB 8,350/t ($1,136/t) exw-Inner Mongolia. Prices of chrome ore, a key raw material, were impacted by delays in shipping capacity recovery at key South African ports. As a result, resources were limited in the spot market, and miners held firm on pricing.
Market participants also closely watched out for the upcoming month’s tender prices to determine future trends. Overall market sentiment was cautious, with prices likely to stay low or decline further.
Stainless steel sector sees price stability: Prices of 304-grade stainless steel hot-rolled coils (HRCs) remained stable w-o-w at INR 180,500/t ($2,112/t) exw-Mumbai. Market activity was primarily driven by need-based procurement, with buyers avoiding large orders amid a seasonal slowdown due to summer conditions.
Additionally, one of India’s leading stainless steel coil manufacturers reduced prices of its 300 series products due to a drop in nickel tags. Hence, prices of 304 and 316 HRCs were reduced by INR 3,000/t ($35/t), while CRC tags were reduced by INR 2,000/t ($23/t). Notably, this marks their first price revision for this month.
Outlook
In the coming days, ferro chrome prices will largely be determined by the results of upcoming chrome ore auction by OMC on 19 April.
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