The sharp climb in ferro chrome prices continued and sentiment remained bullish amid a scarcity of supply.
SteelMint weekly assessment for grade 60% is around INR 66,000/MT (Ex-Odisha). However, few producers were also heard to be quoting around INR 67,000/MT.
Sources revealed that most ferro chrome producers are booked with orders and they do not have material to offer in the open market. “Scarcity of material is the reason for price surge in the market”, said a producer based in Odisha.
SteelMint learnt from market sources that ferro chrome prices should not fall, as higher offer prices have found acceptance in the market amid expectations for further rise in prices is there.
Ferro Chrome Export Price Direction Uncertain
There was no clear price direction seen in the ferro chrome export market as price difference between buyers and sellers continued to remain.
The spot price of Indian-origin high carbon ferro chrome (58-60% Cr) was assessed at 69 cents/lb CIF China. No deals could be confirmed, as Indian buyers were wanting to sell nothing below 73 cents/lb CIF China. Indian producers have decided to hike offers aided with the knowledge of rising Chrome Ore prices at Chinese ports. However, the market is in limbo currently, waiting for major Chinese stainless steelmakers Shanxi Taigang Stainless Steel, Baosteel and Jiuquan Iron & Steel to decide on their purchase prices.
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