Indian ferro chrome prices strengthened again this week on tight domestic supply, and emboldened sellers decided to increase their offer levels.
Ferro chrome prices soared this week on limited availability in the market. Indian producers are quoting for ferro chrome 60% at INR 74,000/MT (Ex-Odisha) or above, although these prices are yet to find acceptance from major buyers.
A producer source from Odisha remarked, “Generally speaking most ferro chrome producers are don’t have material to offer, and are offering at whatever prices catches their fancy.”
Ferro chrome prices have gained substantially as demand from China increased.
Ferro Chrome Export Price Direction Uncertain
There was no clear price direction seen in the ferro chrome export market as price difference between buyers and sellers continued to remain.
Last week Indian producers were trying to negotiate for high carbon ferro chrome (58-60% Cr) at around 81 cents/lb CIF China. No deals have yet been matured and it is to be seen if the Chinese accept this price once they returnfrom their holidays. Indian producers have decided to hike offers aided with the knowledge of rising Chrome Ore prices at Chinese ports. However, the market is in limbo currently, waiting for Chinese buyers to return to the market.
No deals could be confirmed for Japan and Europe as difference in price ideas continued to remain between buyers and sellers. However, as Indian producers have limited stock to offer, they are in no rush to conclude deals.
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