Indian ferro chrome exports increased marginally by around 3% in Jul’16 in comparison to Jun’16.
Ferro chrome exports from India stood at 51,784 MT in Jul’16 which increased by a meagre 3% M-o-M. In Jun’16 Indian ferro chrome exports stood at 50,191 MT.
In Jul’16 major increase in ferro chrome exports was witnessed to South Korea, with a total quantity of 13,942 MT exported, whereas, in Jun’16 it was only 9,080 MT. Similarly, exports have also increased to Netherlands, Japan, U.S.A and Brazil in Jul’16.
On the other hand, in Jun’16 total export to Taiwan was 15,276 MT which decreased in Jul’16 to 6,644 MT.
| India Export Ferro Chrome (in MT) | ||
| Importing Country | July’16 | June’16 |
| China | 16,124 | 15,493 |
| South Korea | 13,942 | 9,080 |
| Taiwan | 6,644 | 15,276 |
| Netherlands | 4,460 | 2,168 |
| Japan | 3,176 | 2,590 |
| United States Of America | 2,353 | 1,029 |
| Brazil | 1,552 | 324 |
| Belgium | 850 | – |
| Italy | 840 | 1,341 |
| Egypt | 647 | 647 |
| Mexico | 432 | 1,053 |
| Others | 764 | 1,190 |
| Total | 51,784 | 50,191 |
Source: Customs Data
Ferro Chrome Export Market Still Quiet
Spot prices of India-origin high carbon ferro chrome (58-60% Cr) was 71-72 cents/lb CIF China, amid thin buying interest.
Most buyers’ price ideas — though not firm bids — remained around 69 cents/lb CIF for ferro chrome, but suppliers were unwilling to lower selling prices to the extent.
Large steel mills in China generally squeezed down purchase prices for high carbon ferro chrome this week. In particular, Tsingshan Steel and Baosteel lowered their purchasw prices for the material by RMB 240/MT.
The spot price of high-carbon ferro chrome imported into Japan is at 73 cents/lb CIF Japan, unchanged from last week due to an absence of reported deals, offers or bids.
Spot high-carbon ferro chrome trade is expected to stay thin until the end of the month, sources said.
Domestic Ferro Chrome Prices remains Unchanged
Ferro chrome prices remain unchanged as demand for the material is meek from end-users. The general market expectation is prices to remain at this level for some time.
SteelMint weekly assessment for ferro chrome 60% was made at INR 63,000/MT.
Prices of ferro chrome remains unchanged this week in the domestic market due to less demand and low availability of chrome ore in the Indian market.
Most market participants are of the view that the current price level is likely to remain unchanged for rest of the month because demand is limited and supply is restricted, balancing the effect on pricing mechanism.
Exchange Rate: USD 1 = INR 66.9
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