- Firm ferro chrome offers keep prices largely stable
- Nickel-driven costs push stainless steel prices higher
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices stayed largely stable, going down slightly by INR 300/t ($3/t) as compared to the assessment on 31 December 2025. Prices held steady as there was not much of movement in the market.
High-carbon ferro chrome (HC 60%, Si: 4%) prices in India were INR 106,000/t ($1,179/t) exw-Jajpur, as per BigMint’s assessment on 7 January. Around 2,200 t of deals were finalized last week in the price range of INR 104,000-106,500/t ($1,157-1,185/t) exw.
Additionally, prices stayed unchanged for low-silicon high-carbon and low-carbon (C:0.1%) ferro chrome as well at INR 110,600/t ($1,230/t) exw-Jajpur and INR 207,500/t ($2,308/t) exw-Durgapur, respectively.
Market summary (1-7 January 2026)
Firm offers limit price movement: Despite buyers anticipating a further decline in prices, ferro chrome sellers largely maintained firm offers, which restricted any sharp downside in the market. As a result, price movement remained limited, while regular spot deals continued to take place at prevailing levels.
Also during the week, stainless steel prices in India registered a modest increase, supported by improved market sentiment, however, this uptick had minimal impact on domestic ferro chrome prices. Market participants indicated that the link between stainless steel and ferro chrome prices is not immediate. In reference to it, a ferro chrome buyer told BigMint, “Stainless steel prices are largely influenced by international prices and demand, whereas ferro chrome prices mainly fluctuate based on the availability of domestic high-grade chrome ore and electricity costs.” Overall, the ferro chrome market remained steady with cautious sentiment.
Nickel-led cost pressure lifts stainless steel prices: Stainless steel prices for 304 grade HRC went up by INR 6,000/t ($67/t) w-o-w to INR 190,000/t ($2,114/t) exw-Mumbai. Price hike was supported by higher raw material costs, stronger dollar, and positive global cues. Rising nickel prices, driven by Indonesian supply-side measures, continued to increase cost pressure across the value chain, prompting Indian mills to raise prices. Finished flats stayed firm on improving domestic demand and elevated international prices, with higher nickel and ferro molybdenum costs providing key support.
A leading Indian coil producer announced its second price hike in early January, raising 304-grade coils by INR 4,000/t ($45/t) and 316-grade by INR 7,000/t ($78/t). Accordingly, Export activity remained muted due to European holidays. Overall, prices are expected to stay firm amid sustained cost pressures.
Steadiness in Chinese ferro chrome prices: Ferro chrome (HC60%) prices in China were unchanged w-o-w at RMB 8,600/t ($1,229/t) exw-Inner Mongolia. Prices were supported by steady raw material costs and balanced supply conditions, though cautious downstream demand continued to limit any upside. Chrome ore prices remained unchanged, backed by consistent supply from South Africa and Turkiye, while the impact of freight and currency movements on costs was minimal.
Domestic inventories were also sufficient, with smelters depending mainly on long-term contracts and limited spot purchases. Coke prices too held firm, keeping overall smelting costs stable. On the demand side, stainless steel production remained steady, but sluggish end-use demand kept mills conservative in procurement. Overall buying was restricted to need based, keeping prices range-bound.
Outlook
Ferro chrome prices in the upcoming week are expected to stay at current levels as market forces remain balanced.
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