- Trades recorded at INR 102,000/t ($1,188/t) exw levels
- Stability seen in India’s domestic stainless steel prices
Indian high-carbon ferro chrome (HC60%, Si:4%) prices edged up by INR 500/t ($6/t) in comparison to the assessment on 28 May. Prices saw a slight increase as there were limited offerings in the market.
High-carbon ferro chrome (HC60%, Si:4%) prices in India were INR 100,800/t ($1,174/t) exw-Jajpur, as per BigMint’s assessment on 4 June. Around 2,700 t of trades were reported to BigMint last week within the price bracket of INR 100,000-102,000/t ($1,165-1,188/t) exw.
For low-silicon high-carbon ferro chrome, prices inched up by INR 300/t ($3/t) w-o-w to INR 105,800/t ($1,232/t) exw-Jajpur. However, it stayed steady w-o-w for low-carbon (C:0.1%) ferro chrome at INR 202,000/t ($2,353/t) exw-Durgapur.
Market recap (29 May – 4 June 2025)
Rise in offers amid tight supplies: Post higher premiums at last month’s chrome ore auction by OMC, sellers tried to lift their offers owing to increased cost of production. This was a challenge primarily for those without any captive chrome ore source. But with resistance from buyers, prices stayed in a fixed range.
With some sellers now overbooked, catering to exports, producing other variants of ferro chrome, availability of ferro chrome (HC60%) became limited. This was one of the key reason for deals to go upto INR 102,000/t ($1,188/t) exw levels in the previous week.
A seller was also quoted as saying to BigMint recently, “A major buyer is in the market to procure around 3,000 t of material and as of now, only sellers with their own captive chrome ore mines can supply to it.”
Stability in Chinese market: Ferro chrome (HC60%) prices in China stayed largely steady last week, going down marginally by RMB 100/t ($14/t) w-o-w to RMB 7,950/t ($1,107/t) exw-Inner Mongolia.
Prices held steady as stainless steel mills entered a seasonal slowdown, weakening demand and extending raw material inventory cycles. Despite policy support, trading remained subdued due to high production costs and price pressure on producers.
Chrome ore prices remained elevated and volatile, affected by South African port disruptions and Turkish supply firmness, though Chinese buying interest was limited. With tightened cost controls and muted procurement, ferro chrome prices are expected to remain weak but stable in the near term.
Unchanged dynamics in India stainless steel sector: Stainless steel prices for 304 grade HRC were unchanged w-o-w at INR 182,000/t ($2,120/t) exw-Mumbai. Demand further weakened with monsoon onset and slowdown in trades. Export demand, especially from the EU, remained soft too.
Despite stable raw material costs, producer margins were under pressure due to declining finished material prices and limited demand recovery. The near-term outlook for the stainless steel market remains cautious, with prices expected to stay rangebound amid moderate activity.
Outlook
Prices are looking to go up as per the current market trends. However, the extent of it will mostly depend on how the buyers react to it.
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