- Bids fell m-o-m at OMC’s chrome ore auction
- Export prices unchanged across Asia
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices stayed largely steady, going down slightly by INR 900/t ($10/t) as compared to the assessment on 19 December. Prices held steady as market activity largely stayed limited amid year end slowdown and market players were also re-evaluating offers and bids post OMC’s chrome ore auction.
High-carbon ferro chrome (HC 60%, Si: 4%) prices in India stood at INR 106,500/t ($1,185/t) exw-Jajpur, as per BigMint’s assessment on 26 December. Around 2,000 t of deals were concluded last week in the price bracket of INR 105,000-108,700/t ($1,168-1,210/t) exw.
Price came down for low-silicon high-carbon ferro chrome as well by INR 900/t ($10/t) w-o-w to INR 111,100/t ($1,237/t) exw-Jajpur. For this, approximately 600 t was traded last week at same price levels. Meanwhile, low-carbon (C:0.1%) ferro chrome prices held steady w-o-w at INR 207,500/t ($2,311/t) exw-Durgapur.
Market summary (18-26 December 2025)
Market awaits direction post lower auction bids: Seller offers largely remained steady at INR 107,000-108,000/t ($1,191-1,203/t) exw during the previous week, though buyer bids continued to stay at lower levels, reflecting cautious sentiment. Overall market activity was muted, with limited buying and selling observed amid the Indian holiday period, keeping trade volumes thin. Participants expect market activity to gradually normalize once holidays conclude, with trading likely resuming momentum in January 2026.
Meanwhile, at OMC’s chrome ore auction held on 19 December 2025, 78,500 t were sold out of 106,800 t offered. Bids for grades above 40% declined by 5-12% m-o-m (INR 950-2,136/t), while grades below 40% remained largely stable. The impact of softer auction bids on future seller offers remains to be seen.
Stainless steel market scenario: Indian stainless steel prices for 304 grade HRC stood steady at INR 182,000/t ($2,027/t) exw-Mumbai. Market stayed cautious as year-end slowdown and weak domestic consumption limited trading activity. While flat products received selective support from rising global cost pressures, the longs segment remained under strain due to muted downstream demand. Market participants closely monitored nickel prices, potential supply disruptions from Indonesia, and changes in global trade policies. Sentiment in finished flats improved marginally after China announced a new export licensing system effective January 2026, which lifted price expectations across Asia. Higher export offers from Indonesia-based Tsingshan further supported the cost side.
Going forward, stainless steel prices are expected to firm gradually after the New Year, though longs may continue to face pressure in the near term.
Unchanged export prices: Indian ferro chrome export prices remained steady w-o-w across key Asian markets. Prices to China stood at 93 cents/lb CNF, with limited market activity amid the year-end holiday period. Prices to Japan held at 98 cents/lb CNF, supported by steady demand, while offers to South Korea remained firm at around 95 cents/lb CNF.
Steadiness in Chinese prices: Ferro chrome (HC60%) prices in China remained unchanged at RMB 8,600/t ($1,224/t) exw-Inner Mongolia. The gap between domestic and international chrome ore prices continued, with South African concentrate futures stable while spot offers faced discounts amid weak downstream demand. Rising coking coal prices and a persistent structural ore shortage supported costs, while policy disruptions in South Africa added supply uncertainty, encouraging inventory build-ups.
Downstream, stainless steel entered a seasonal lull, pressuring high-carbon ferro chrome. However, steady demand for high-end alloys and new energy applications supported medium- and low-carbon grades. Stricter carbon policies boosted high-purity ferro chrome demand, though cautious buying capped gains. Overall, ferro chrome prices are expected to remain rangebound, supported by costs but limited by weak seasonal demand.
Outlook
Taking into account existing market conditions, ferro chrome prices might witness decline further in the first week of January.
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