Spot prices of High-Carbon Ferro Chrome slipped this week amid diminishing demand for the commodity.
In line with the reduced number of inquiries from China, the producers have lowered their offers in the domestic market to solicit trade.
“Buyers are reluctant to purchase at the offered price and thus we have opted to lower our prices further,” said a producer source discussing the trend of the commodity.
SteelMint assessed Ferro Chrome prices at around INR 83,000/MT (Ex-Odisha) and some deals were heard to be concluded at an even lower price.
A weaker stainless steel market in China has resulted in dulling of Ferro Chrome demand and lower Ferro chrome exports to China from India. Export price to China is assessed at 95 cents/lb CNF China, while buyers are trying to negotiate for lower prices.
A source revealed that the counter-offer from China is too low to export the commodity as producers are getting better realization value in the domestic market and are completely booked out in October.
Export offers to Japan and South Korea remains unchanged at 101 cents/lb and 100 cents/lb CNF respectively.
On the future outlook, the market participants are currently in a wait-and-watch mode while Ferro Chrome producers are not under much selling pressure.
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