Demand from the China remains strong as HC Ferro chrome production has declined in China.
Most market participants expect a higher tender price from stainless steel mills in April, which has lent further support to firm prices in China. Indian HC Ferro Chrome offers to China is around 112.5 cents/lb.
Indian players are pushing for higher prices, unaffected by the low trading activity, as they are of the view that prices are likely to go up even more once the Chinese Stainless Steel mills declare their purchase price for April’17, and overseas buyers will have no option but to buy at a premium.
Domestic offer price for High Carbon Ferro Chrome has witnessed a slight uptick from last week. The mainstream price of HC Ferro Chrome 60% min. is ranging from INR 97,000 – 99,000 /MT (Ex-Works Odisha). A trader source remarked that there has been firm offers from producers this week, and end-users have no option but to accept higher prices as demand from overseas market is resolute.
High carbon Ferro chrome prices in both Japan and South Korea have also followed Chinese prices up. The current offers are stable at 115 cents/lb and 116 cents/lb for CNF South Korea and Japan.
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