India: Ferro chrome prices ease amid rising supply, sluggish stainless steel demand

• Inventories remain comfortable amid need-based procurement
• Weak stainless demand limits ferro chrome market recovery

Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices edged down by INR 500/tonne (t) ($5/t) w-o-w to INR 122,300/t ($1,271/t) exw-Jajpur on 15 July 2026. Prices edged down on sufficient material availability.

Deals for around 2,500 t were concluded last week within the price bracket of INR 122,000-124,000/t ($1,268-1,288/t) exw.

Prices of other ferro chrome variants — low-silicon high-carbon, low-carbon, and low-phosphorus material — also dropped w-o-w.

Market recap (9-15 July)

Ample supply keeps  market under pressure: India’s ferro chrome market remained under pressure as increased domestic material availability outweighed subdued buying interest from stainless steel producers. Improved supply across key producing regions intensified competition among sellers, leading to a more competitive market environment.

With inventories remaining comfortable and procurement limited to immediate requirements, buyers maintained a cautious stance. The supply-demand imbalance continued to weigh on overall market sentiment, preventing any meaningful improvement in domestic trade activity.

Weak stainless steel demand weighs on ferro chrome: India’s stainless steel finished market remained under pressure during the week ended 15 July as sluggish downstream demand, elevated inventories, and liquidity constraints kept trading activity muted. Buyers continued to restrict purchases to immediate requirements amid expectations of further price corrections, while mills offered selective discounts to stimulate sales.

BigMint’s benchmark assessment for 304 HRC remained at INR 213,000/t, while 316 HRC increased to INR 395,000/t.

Chrome ore surplus keeps Chinese ferro chrome flat: China’s ferro chrome market remained subdued as stable domestic prices masked persistent bearish fundamentals. Record-high chrome ore inventories at Tianjin Port and softer import offers from South African suppliers continued to erode raw material cost support.

Meanwhile, lower rainy-season power tariffs sustained high ferro chrome production, keeping supply ample. On the demand side, stainless steel mills adopted a cautious procurement approach, purchasing only for immediate needs amid maintenance-related output cuts and seasonally weak downstream consumption. Limited spot transactions and aggressive trader discounting further dampened market activity, leaving overall sentiment soft with little indication of a near-term recovery.

Outlook

Indian ferro chrome prices are expected to remain under pressure in the near term as ample domestic supply, weak stainless steel demand, and subdued export competitiveness continue to weigh on sentiment. Market participants will closely monitor stainless steel procurement and Chinese chrome ore market trends for directional cues.