Indian High-carbon Ferro Chrome prices in Asia were flat despite a weaker dollar.
There is little confidence in the Ferro Chrome market as demand continues to go down.
A major Indian producer source said that he was not able to conclude any deals this week, even though he was offering at a much lower level at 106 cents/lb CIF China.
He further revealed that there was no demand at all from China this week.
Chinese buyers were reluctant to purchase as quite a few stainless steel mills have also gone for maintenance and Stainless Steel prices in China have also been coming down sharply.
The market is on a downward trend, so traders have shunned buying any quantity to avoid being exposed to greater risk that prices may soften while Chrome Ore offers from South Africa were also heard to be substantially lower.
Currently, Indian Ferro Chrome is being offered at around 106 cents/lb CIF China, with no deals reported in the week gone by.
Offers from Indian suppliers were reported at 113 cents/lb CIF Japan and 112 cents/lb CIF S.Korea respectively, narrowing slightly from the week before. However, the export market is now in a wait-and-watch mode in the prospect of further downward price correction.
In the domestic market, Ferro Chrome is being traded in the range of INR 95,000-96,000/MT (Ex-Odisha) for bulk quantities.
SteelMint assessed Ferro Chrome prices looked likely to slip further on deteriorating demand from stainless producers amid weakness downstream.
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