Ferro Chrome prices drop further as Indian producers of Ferro Chrome cut offers to solicit trade.
Domestic offer price for High Carbon Ferro Chrome is unchanged from last week. The mainstream price of HC Ferro Chrome 60% min. is around INR 90,000 /MT (Ex-Works Odisha). There was lack of activity in the market with the ongoing holidays (Spring Festival) in China, and selling pressure has risen.
Earlier, Stainless steel mills in China had lowered their purchasing price for HC Ferro Chrome by Yuan 800-900/MT for Feb’17 delivery. As a result, other Chinese buyers are looking for lower offers from India.
The spot price of high-carbon lumpy Ferro Chrome exported to Japan was flat W-o-W at 109-111 cents/lb CIF Japan because of an absence of reported offers, bids or deals.
The short-term expectation is for prices to remain under pressure and further downward price movements is still possible, on the back of slow Ferro Chrome demand worldwide.
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