An upward correction has been recorded in Ferro Chrome prices as bullish sentiment has been observed in the Chinese market.
In line with improved demand in global market, there has been a rise in Ferro Chrome grade 60% price by around INR 2,500/MT and is currently being offered in the range of INR 97,000-98,000/MT (Ex-Works, Odisha).
On global front, the prices have also increased and the Indian producers have set their offers at 115 cents/lb CFR China, but the Chinese buyers are depicting reluctance on prices above 110 cents/MT.
However, a deal was heard to be concluded at around 112.5 cents/lb CNF China.
Most market participants believe that the major stainless steel mills in China are expected to increase their purchase prices by 500 RMB and the Chinese buyers are looking to book Ferro Chrome in advance. This has lent support to Indian prices going up.
In line with the increased prices of ferro chrome in China Indian producers are holding their offers firm to South Korea and Japan. The Indian suppliers have increased their offers and the current offers are around 115 cents/lb and 116 cents/lb CNF South Korea and Japan respectively.
The present scenario suggests that the bullish sentiment may prevail in the market, pulling its prices upwards in the coming days.
Leave a Reply