Albeit healthy demand of Ferro Chrome in the domestic market, its prices have witnessed a fall.
Ferro Chrome offers slipped by INR 2,000/MT in the domestic market, stemming at around INR 84,000/MT (Ex-Odisha). However, SteelMint assessed that some producers are offering at prices that are lower than the aforementioned price.
A source revealed to SteelMint that some of the small-scale producers and traders are offering at lower prices to remain in operation and are dragging the major players to the same level as well.
Ferro Chrome offers to China, being the benchmark has lowered as well to 95 cents/lb CNF China. Chinese buyers are trying to push for lower prices, as they have likely stocked well for the month.
Korea and Japan were observed to have following the Chinese market very closely as they have reduced their price ideas to 100 cents/lb and 101 cents/lb respectively.
Considering a weaker stainless steel market in China, Ferro Chrome offers are finding it difficult to sustain despite constant demand. Being a skeptic of the situation, sell-side participants are expecting the prices to maintain stability while hoping stainless steel to gain grounds.
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