Ferro chrome prices remained unchanged this week, as demand remained dull on the back of weak stainless steel market in China.
Indian producers of HC Ferro Chrome have been unable to raise offers in the domestic market owing to persistent lack of market activity. The prices were mainly in line with market expectations, with most participants expecting Ferro Chrome prices to be close to the bottom.
The mainstream domestic price of HC Ferro Chrome 60% min. is stable at around INR 60,000/MT Ex-Odisha.
The spot price for Indian origin high carbon Ferro Chrome (60% Cr) was assessed at around 62 cents/lb CIF China. “Concluding deals is becoming very difficult as the Chinese buyers pegged for lower prices, which is not acceptable to Indian producers – as it is below our Production Cost,” remarked a producer source, referring to the unacceptability of low purchase price by Indian producers.
Inquires from South Korea and Japan remained absent, with market sentiment cautious ahead of third quarter settlement talks expected to start in coming days. Indian offers remained unchanged at 80 cents/lb CIF South Korea and 81 cents/lb CIF Japan.
Ferro Chrome prices are unlikely to rebound in the near future, with a lack of buying interest from Stainless Steel mills.
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