The Seaborne High Carbon Ferro Chrome market was mostly steady with a lack of significant buying.

Indian High Carbon Ferro Chrome market keeps steady at INR 71,000 /MT (Ex-Works Odisha) for 60% Grade, unchanged from last week. Due to the low demand, most producers have cut down production levels. Most market participants are holding a cautious approach, and it is expected that the market would not change much in the near future.

The price of HC Ferro Chrome in Raigarh stands at INR 72,000 /MT. FACOR (Ferro Alloys Corporation Limited) is offering HC Ferro Chrome (60% Grade) at INR 73,000 /MT (Ex-Plant).

Overseas Market

The spot price of high-carbon lumpy Ferro Chrome (Cr 60% min.) exported to Japan saw an uptick, and deals were concluded in the range of 89-90 cents/lb CIF Japan, while 65-70% Chrome material prices also appeared to be rising. The spot price of High-Carbon lumpy Ferro Chrome imported into Japan at 92-94 cents/lb CIF Japan (Cr 65% min.).

Spot trade in South Korea was more active this week due to state-owned Korea Resources Corp. awarding a buy tender at 88-90 cents/lb, duty and delivery costs paid basis for 3,000 MT of standard grade High-Carbon lumpy Ferro Chrome. An Indian producer reported selling 900 MT of minimum 60% chrome material at 90 cents/lb CIF to a South Korean buyer this week.

Tradable price of Indian-origin High-Carbon Ferro Chrome (58-60% Cr) in China is 84-85 cents/ lb CIF, was flat W-o-W because of an absence of reported offers, bids or deals. Offers for Indian-origin High Carbon Ferro Chrome were around 86 cents/lb CIF, China last week. Several producer sources from India said that the Chinese customers had no requirements for imported Ferro Chrome, and many were opting to buy domestic material. There is more interest in domestic Ferro Chrome which is easily available.

SteelMint learnt from market sources that there is an expectation of a re-emergence of some buying activity in days to come. However, most were not too confident that this would render any significant support to spot prices.

Exchange Rate: USD 1 = INR 62