Indian ferro chrome exports increased by 14.7% in Jun’16 in comparison to May’16.
Ferro chrome exports from India stood at 50,191 MT in Jun’16 which increased by 14.7% M-o-M. In May’16 ferro chrome export stood at 43,723 MT.
In Jun’16 ferro chrome exports to China has increased significantly with a total quantity of 15,493 MT exported, where as, in May’16 it was only 8,907 MT. Similarly, exports have also increased to Taiwan, Mexico and U.S.A in Jun’16.
On the other hand, Indian ferro chrome exports have decreased to Europe in Jun’16. The total export to Europe in Jun’16 was 3,957 MT where as in May’16 it was 7,382 MT.
| Country | June’16 | May’16 |
| China | 15,493 | 8,907 |
| Taiwan | 15,276 | 6,743 |
| South Korea | 9,080 | 10,228 |
| Japan | 2,590 | 5,418 |
| Europe | 3,957 | 7,382 |
| Mexico | 1,053 | 243 |
| United States Of America | 1,029 | 359 |
| Others | 1,713 | 4,443 |
| Total | 50,191 | 43,723 |
Qty in MT
Source: Customs Data
Ferro Chrome Export Prices Down
Spot offer prices of Indian high-carbon ferro chrome to China and Japan were flat W-o-W as buyers’ price expectations have lowered as major Chinese mills had cut local ferro chrome purchase prices for July.
Chinese buyers have bid 70-71 cents/lb CIF China for 58-60%-grade Indian material, while one Indian producer said he was holding his offer at 73 cents/lb CIF. A second Indian producer put the market at 71-72 cents/lb CIF China. SteelMint assessed 58-60% material at 71-73 cents/lb CIF China.
Japanese spot import pricing for minimum 60% chrome material was assessed unchanged week on week at 73-74 cents/lb CIF Japan.
Indian Ferro Chrome Prices Edge Lower as Buyers Retreat
In the domestic ferro chrome market prices are marginally down on dampened buying interest.
SteelMint assessed current price for ferro chrome grade 60% at around INR 62,000/MT (Ex-Odisha).
Demand for procurement dissipated as buyers became uncertain about price direction. “There are some offers in the market, but there are simply few takers,” said a producer source from Odisha. Reportedly, production of ferro chrome is also down, which has resulted in balancing the demand-supply dynamics.
Market sources are of the view that it is difficult for the market to strengthen as stainless steel mills were not keen on procuring material and demand from overseas markets is also fast dissipating.
Exchange Rate: USD 1= INR 66.9
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