Ferro chrome prices rose marginally as fresh trades showed bullish sentiment.
Prices of ferro chrome in the domestic market regained an upward momentum on better demand. SteelMint assessed ferro chrome 60% prices at around INR 58,000/MT (Ex-Odisha).
With prices rising marginally a producer from Odisha a stated, “The market has now stopped being pushed down. I believe the market will remain stable.”
With supply tightness coupled with improved demand – there is a strong impetus for ferro chrome prices to remain firm in this month.
Indian Ferro Chrome spot export prices holds firm
SteelMint assessed the spot price of Indian high carbon ferro chrome into Japan at 66/ lb CIF Japan, despite some producers suspending spot sales.
A Japanese trader bought a few container loads of lumps at 66 cents/lb CIF Japan.
The material was sized 10-50 mm, containing minimum 60% chrome, maximum 3% silicon, carbon 8-9%, maximum 0.03% phosphorous, and maximum 0.05% sulfur. Some producers said they had suspended spot offers to Japan on limited supplies.
Prices in China improved slightly this week as deals, offers and bids increased from last week’s range. SteelMint assessed 58-60% high carbon material at 59 cents/lb CIF China, up by 1 cent/lb from a week ago. Indian producer were negotiating at above 60 cents/lb CIF China on improved sentiment.
Two producers, said 60 cents/ lb CIF China was not achievable yet, although spot prices were trending up.
Exchange Rate: USD 1 = INR 66.2
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