Indian Ferro Chrome Export to China Up by 75% in Nov’16 M-o-M

Indian Ferro Chrome exports to China increased by over 75% in Nov’16 in comparison to Oct’16.

Ferro chrome exports from India stood at 52,900 MT in Nov’16 which increased by 11% M-o-M. In Oct’16 Indian ferro chrome exports stood at 47,664 MT.

In Nov’16, major increase in Indian ferro chrome exports was witnessed to China, with a total quantity of 24,205 MT exported, whereas, in Oct’16 exports were recorded at 13,776 MT.

On the other hand, in Oct’16 total export to South Korea was 19,080 MT which decreased in Nov’16 to 15,185 MT. Similarly, exports also decreased marginally to Taiwan, Japan, U.S.A., Brazil and Netherlands in Oct’16.

Quantity in MT
Source: Custom Data
Provisional Data

Indian Ferro Chrome Export Market

Spot prices of India-origin high carbon ferro chrome (58-60% Cr) was around 125 cents/lb CIF China.

Large steel mills in China, earlier in the month, increased purchase prices for high carbon ferro chrome for December. In particular, Baosteel raised their purchase price for the material by RMB 1300/MT to RMB 10,800/MT by cash, VAT included and delivered to plants. Affected by the increase in purchase price by Stainless Steel mills, prices for Ferro Chrome and Chrome Ore in China have gone up accordingly. However, market sources in India confirmed that Chinese traders are reluctant and yet to accept any further increase in offer prices. Although, Indian producers are confident that higher prices will soon be achievable in China as the cost of production in China is set to go up further with increase in Chrome Ore prices at their ports.

SteelMint learnt from market sources that ferro chrome prices should not fall, as higher offer prices have found acceptance in the market amid talk of further rise in prices.