Trading activity was scant in the week gone by, as buyers steered clear of any transaction – awaiting clearer market direction.

Domestic HC Ferro Chrome prices fell marginally on low demand from end users. Current price for HC Ferro Chrome (60% Grade) is settled in the range of INR 71,000-71,500 /MT (Ex-Works Odisha) and INR 72,000 /MT (Ex-Raigarh). FACOR Alloys one of India’s largest and established producers and exporters of High Carbon Ferro Chrome is offering HC Ferro Chrome at INR 73,500 /MT.

[su_note note_color=”#efe9e7″ text_color=”#1a1414″]A manufacturer from Odisha remarked that demand is very weak in the domestic market, suggesting greater dependence on overseas sales.[/su_note]

Overseas Market

Chinese import prices for Ferro Chrome and Charge Chrome were flat this week, and remained capped by unchanged domestic spot prices and slow demand .The spot price for Indian-origin High Carbon Ferro Chrome (58-60% Cr) was assessed at 84-85 cents/lb CIF China and that for South African Charge Chrome (48- 52% Cr) at 83-84 cents/lb CIF China, both unchanged from a week earlier.

Chinese buyers are also not lifting their price ideas because domestic prices have been steady since mid-December and are expected to remain stable in the near term. Domestic spot prices of High Carbon Ferro Chrome (50% basis Cr) in China is in the range of Yuan 6,750-6,900/MT (84-86 cents/ lb), unchanged from mid-December.

The spot price of High Carbon Ferro Chrome (60-65% Cr) exported to Japan was assessed unchanged from last week at 89-91 cents/lb CIF Japan, on a lack of price indications.

SteelMint learned from market sources that market conditions to remain stable for this month and prices of Ferro Chrome are expected to remain under pressure.

Exchange Rate: USD 1= INR 61.48