- Limited acceptance of higher offers
- Slight decline in stainless steel prices
Indian high-carbon ferro chrome (HC60%, Si:4%) prices were unchanged w-o-w in comparison with the last assessment on 21 May. As per BigMint’s assessment on 28 May, high-carbon ferro chrome (HC60%, Si:4%) prices in India were INR 100,300/t ($1,172/t) exw-Jajpur. Around 2,300 t of deals were concluded last week in the price bracket of INR 100,000-101,500/t ($1,168-1,186/t) exw.
For low-silicon high-carbon and low-carbon (C:0.1%) ferro chrome, prices edged up by INR 1,000/t ($12/t) w-o-w each to INR 105,500/t ($1,233/t) exw-Jajpur and INR 202,000/t ($2,360/t) exw-Durgapur, respectively.
Market summary (22-28 May 2025)
Cautious sentiments prevail: Post OMC’s auction on 19 May and higher chrome ore prices, many sellers in the domestic market particularly ones without any captive source, held on to their offers. The same scenario continued last week as well.
Those who were offering higher didn’t receive any favourable response from buyers. A seller informed, “Our offers are at INR 102,000/t ($1,192/t) exw-Jajpur but we are getting counter bids from buyers at INR 100,000-101,000/t ($1,168-1,180/t) levels.”
Another seller informed, “I am not getting any clear idea of the market. Some are saying prices are at INR 105,000/t ($1,227/t) exw while others are quoting INR 101,000/t ($1,180/t) exw. Low-silicon ferro chrome prices are even more unpredictable.”
China market: Ferro chrome (HC60%) prices in China edged up slightly by RMB 50/t ($7/t) w-o-w to RMB 8,050/t ($1,117/t) exw-Inner Mongolia. High-carbon grades traded in a narrow band due to balanced supply and demand, while medium- and low-carbon grades gained support from new energy sector demand.
Domestic and international chrome ore prices diverged, with South African futures stable but spot discounts rising. Zimbabwean ore arrivals may affect pricing, but port inventory clearance will be a key factor. Despite stronger finished steel demand and tariff relief, raw material buying remained weak.
Rising costs and weak trade suggest stable near-term prices, but market sentiment remains cautious amid continued procurement and financial pressures.
W-o-w dip in India’s stainless steel prices: Stainless steel prices for 304 grade HRC dipped INR 2,000/t ($23/t) w-o-w to INR 182,000/t ($2,126/t) exw-Mumbai. Market activity slowed due to monsoon rains, especially in Mumbai.
In China, domestic and export 304-grade CRC prices held steady. The imported ferrous scrap market, however, remained weak amid low demand and cheaper substitutes. Overall, stainless steel prices are expected to stay stable amid limited trading.
Outlook
With no major movements in the market currently, prices in the coming days are likely to stay rangebound, with minor fluctuations.
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