Indian Ferro Chrome prices slipped further as its shrinking demand failed to rebound.
A bearish sentiment has been observed in the market post notice from the Chinese government to curb pollution has forced the Stainless Steel producers to limit their production during the winter season.
“Charge chrome imports by China have compelled us to lower our offers to China to solicit trade,” revealed a producer source from India expressing his concern.
SteelMint assessed Ferro Chrome offers at 93 cents/lb CNF China. However, sources claim that Chinese counter-offers are at 90 cents/lb. Similarly, inquiries from Japan are at 95 cents/lb but the Indian producers are holding their offers at 98 cents/lb CNF Japan and 97 cents/lb CNF Korea.
In line with the export offers, domestic prices also witnessed a substantial fall. Demand in domestic market remains moderate but offers shrink to INR 81,000/MT (Ex-Odisha). Moreover, few deals were also reported at INR 80,000/MT (Ex-Works).
“Looking at the current trend, it has become tough to foresee the future movement of the commodity as we are uncertain of the situation as well,” said a producer discussing the future market of the commodity.
On the future outlook, the Ferro Chrome offers are expected to remain stable with limited chances of an upswing in prices.
Leave a Reply