Buying activity for high carbon ferro chrome remained low and prices have been cut further.
In the domestic market, there is recent decline in prices on the backdrop of bearish sentiment and thin trading. Currently 60% grade is being offered at around INR 64,000/MT (Ex-Works Odisha) and INR 66,000 (Ex-Raigarh). Looking at the dull market condition Indian producers have cut their offers in order to begin trade.
“Each time we think the price is low enough, it manages to slide below that level,” remarked a ferro chrome producer.
Export Market
No deals could be confirmed in the Chinese market. Few offers were heard to Japanese and Korean countries for special grade of ferro chrome. Prices for the same could not be confirmed.
SteelMint assessed that weak demand has led to marginal softening of prices, and further downfall in prices cannot be ruled out.
Exchange Rate: USD 1 = INR 63.5
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