Prices for high-carbon ferro chrome prices stabilized at around 75 cents/lb CIF this week, as buyers seemed to have met their immediate requirements.
“There are inquiries, but for smaller quantities than the previous month,” said an Indian producer.
Nevertheless, Chinese mills were expected to continue spot imports as a power shortage in Inner Mongolia forced local ferro chrome producers to cut output. China needed to increase imports by up to 50,000 MT/month.
SteelMint assessed the spot price of 58-60%- grade ferro chrome and 48-52%-grade charge chrome at 73-75 cents/lb CIF China , both unchanged from a week ago.
An Indian producer said he was offering at 75 cents/lb CIF China for July loading. Bids were around 73 cents/lb CIF, on the basis of Taiyuan Iron & Steel’s June purchase price of RMB 6,180/MT ex-plant, which is equivalent to about 73 cents/lb.
There were no offers, bids or deals reported for 48-52% charge chrome. Sources said ferro chrome of all grades was discussed in the range of 70-75 cents/lb in China this week.
Japan’s spot import price for minimum 60%-chrome material was assessed at
75-76 cents/lb CIF Japan, unchanged from a week ago. A bid at 75 cents/lb CIF Japan was heard and an offer at 76 cents/lb CIF Japan, for 200-400 MT for July loading.
Domestic Ferro Chrome Market Stabilize
Ferro chrome prices have steadied in the domestic market, with producers keeping prices unchanged.
SteelMint assessed weekly ferro chrome grade 60% prices at INR 62,000/MT (Ex-Odisha).
Supply crunch continues in ferro chrome market for which prices are unchanged this week, although demand for material is low in the domestic market compared to the export market. Most of the ferro chrome producers are booked with export orders hence there is a supply shortage in the domestic ferro chrome market.
Market sources feel prices might be stable in the near term due to insufficient supply.
Exchange Rate: USD 1 = INR 66.5
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