- Bids decline by 2-21% m-o-m at OMC’s chrome ore auction
- Tsingshan reduces Dec’25 tender price by RMB 100/t ($14/t)
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices declined by INR 1,000/t ($11/t) in comparison to the previous assessment on 12 November. Prices declined amid ongoing bid-offer gaps in the market. Additionally, trading activity was muted during the assessment window, as most people waited for the results of the chrome ore auction from the Odisha Mining Corporation (OMC).
As per BigMint’s assessment on 19 November, high-carbon ferro chrome (HC 60%, Si: 4%) prices in India were at a two-month low of INR 115,500/t ($1,302/t) exw-Jajpur, last seen in early September. Deals for around 1,000 t were concluded last week, in the price range of INR 115,000-117,000/t ($1,297-1,319/t) exw.
Low-silicon high-carbon and low-carbon ferro chrome (C:0.1%) prices declined as well, by INR 1,700/t ($19/t) and INR 1,100/t ($12/t) w-o-w to INR 121,300/t ($1,368/t) exw-Jajpur and INR 209,700/t ($2,364/t) exw-Durgapur, respectively.
Market highlights (13-19 November 2025)
Weak demand drags down ferro chrome prices: Ferro chrome market activity was muted this week, as major buyers had already booked material previously. As such, they stayed on the sidelines. Most sellers also withheld their offers ahead of the upcoming OMC auction, adding to market uncertainty.
A seller told BigMint, “There is no clarity in the market; no specific price level has been settled as of now. Some are offering ferro chrome at INR 113,000/t ($1,274/t) exw, while others are offering material at INR 114,000/t ($1,285/t) exw. A few are also quoting INR 115,000/t ($1,297/t) exw, but no one has been able to provide firm confirmation regarding sales.”
Amid limited inquiries and lower bids, a few deals were concluded at lower prices. A buyer stated that demand was weak, and stainless steel producers had reduced their rates, making it unlikely for ferro chrome prices to sustain at current levels.
Bids decline at OMC’s chrome ore auction: At OMC’s chrome ore auction held yesterday, 88,400 t were sold out of the 93,800 t offered. Bids fell by 2-21% (INR 461-7,635/t) m-o-m across various grades, except for the below 40% grades, for which bids remained unchanged.
Tsingshan reduces Dec’25 tender price: Tsingshan reduced its ferro chrome tender price by RMB 100/t ($14/t) m-o-m to RMB 8,395/t ($1,181/t) DAP, including taxes, for December 2025 deliveries. The slight decrease follows the RMB 350/t ($49/t) drop in domestic ferro chrome prices in November, driven by higher supply and cautious procurement from stainless steel mills.
South Africa’s stricter export licensing policy tightened chrome ore supply, prompting traders to stockpile material and lifting raw material costs, especially for China, which relies heavily on these imports. While lower electricity rates in Inner Mongolia supported output, rising power costs elsewhere squeezed smelter margins and pushed some producers to raise prices. Traders held firm, but weak downstream acceptance kept spot activity subdued. Demand for high-carbon ferro chrome remained soft amid cautious stainless steel procurement, though prices of medium- and low-carbon grades were supported by strong demand from high-end applications.
Indian stainless steel prices fall: Prices of 304-grade stainless steel hot-rolled coils (HRCs) edged down by INR 2,000/t ($23/t) w-o-w to INR 182,000/t ($2,052/t) exw-Mumbai. One of India’s leading stainless steel coil producers reduced 316 coil prices by INR 5,000/t ($INR 56/t) from 17 November, its second reduction this month, amid the previous relaxation of import norms allowing non-BIS material until 31 December and a sharp fall in raw material prices.
Demand also dropped sharply after Diwali, prompting panic selling as cheaper imports continued to arrive. With surplus material and weak inquiries, buyers expect further declines. Near-term market sentiment remains weak, with domestic oversupply and renewed import competition likely pressuring prices further.
Outlook
Due to a drop in bids at OMC’s chrome ore auction and lack of strong demand for stainless steel, ferro chrome prices are likely to fall further in the days ahead.
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