Earlier in the month IDCOL Ferro Chrome & Alloys Limited had re-invited tenders for the sale of High Carbon Ferro Chrome (HCFC) of 1500 MT approximately. According to industry sources bids were received to the levels of Rs. 64,500 /MT ($1154 /MT) ,Ex-Works. SteelMint assessed that although some Stainless Steel mills did participate in the tender, actual buying interest was not very strong as bid levels were very low.
However, as is the case IDCOL does receive lower bids by around Rs. 1500 /MT as buyers look to compensate for the additional logistical costs and other expenses that are incurred in procuring material from IDCOL.
HC Ferro Chrome in India is currently trading at Rs. 66,000 – 67,000 /MT ($1181-1199) Ex-Works basis. Stainless Steel producers have taken to a very conservative buying approach due to prolonged uncertainty in the market, as demand from Japan and the European Union is very low.
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