Domestic offer price for High Carbon Ferro Chrome has witnessed a slight uptick from last week. The mainstream price of HC Ferro Chrome 60% min. around INR 67,000 /MT (Ex-Works Odisha). A trader source remarked that there has been an increase in offers from producers this week, and end-users have started to react to these increased prices, believing that prices may further increase in the domestic market due to restricted supplies.
This week, major Steel mills in China like Baosteel and Tsingshan Group have declared their purchasing price for HC Ferro Chrome for September deliveries, which is unchanged from the previous month. However, the country’s largest Stainless Steelmaker Taiyuan Iron & Steel (Tisco) , cut its Ferro Chrome purchase price for September deliveries by Yuan 50/MT. SteelMint learned from market sources that Indian producers are reluctant to trade at lower prices, and thus have not concluded any deals this week. There is a difference in price ideas between buyers and sellers. Although, Baosteel has rolled over its purchase price for the month, Indian producers are aware that Chrome Ore and Coke prices are rising in China, and are thus holding out firmly on their offers to find acceptance.
Market participants have varying views on the outlook for the Ferro Chrome market. Some market observers had expected prices to ease slightly after the recent uptick. Others remained bullish stating an increase in Ferro Chrome prices cannot be ruled out in the near-term due to the recent surge in Chrome Ore prices in China.
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