High carbon ferro chrome prices remain unchanged as buying interest and trading tapered down.
Indian high carbon ferro chrome market condition remains unchanged with trading activity being quiet overall. Current offer for grade 70% is INR 64,000/MT (Ex-Odisha) and INR 65,000/MT (Ex-Raigarh). Indian producers said there was a lack of procurement interest as most domestic buyers are holding back purchases to see if prices can drop further.
“Trading activity is scant and so prices have remained unchanged. The market is dormant for months,” stated an Odisha based producer.
Chinese Market
Chinese import prices for ferro chrome were flat W-o-W with little demand for imports. The spot price for Indian origin high carbon ferro chrome (58-60% Cr) was assessed at 79 cents/lb CIF China.
Baosteel and Shanxi Taigang Stainless Steel have cut August purchase prices by RMB 50/MT and RMB 100/MT respectively.
There is a summer slowdown in the Chinese stainless steel market and there is an increase in ferro chrome production. High inventory has resulted in the absence of demand for Indian ferro chrome.
Japanese Market
The spot price of Indian-origin high-carbon ferro chrome (60-65% Cr) imported into Japan was assessed at 83 cents/lb CIF Japan, unchanged W-o-W.
A Japanese trader reported to SteelMint that they have currently withdrawn purchases from India due to moisture content in the material during the rainy season.
SteelMint assessed that ferro chrome producers are distressing whether to reduce prices further as the market has been dull for a long time. The ferro chrome producers are also plagued by higher chrome ore prices and weak demand for the finished material.
Exchange Rate : USD 1= INR 63.7
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