The Indian Ferro Chrome Prices are observed to have drifted down recently.
Demand from China is currently low after few months of aggressive buying from the Chinese ahead of the Chinese New Year festival. Currently, Indian Ferro Chrome is being offered at around 117 cents/lb CIF China against 127 cent/lb in last week of Dec’16. Chinese demand plays an important role, and which is also reported to be weak at the moment as demand slows over the Chinese festivities
Prices for CIF Japan and S. Korea also went down by 5 cents/lb and deals are being concluded at around 125 cents/lb and 120 cents/lb respectively. However, the European buyers are showing interest in Indian Ferro Chrome after their holidays are over.
On domestic front, the allocation of Ferrochrome has been stemmed. Current offer prices for HC Ferro Chrome (60% grade) is around INR 107,000/MT (Ex-works Odisha) against INR 110,000/MT in last week of Dec’16.
The domestic buyers are also looking forward to lower offers in consideration to low demand from China.
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