Prices of ferro chrome remained under pressure on prevailing weak demand and persistent over supply overhang.
Indian producers of HC Ferro Chrome have been unable to raise offers in the domestic market owing to persistent over-supply in the market. The mainstream domestic price of HC Ferro Chrome 60% min. is around INR 58,000 -59,000/MT Ex-Odisha.
Most sources were circumspect about the market’s prospects. The outlook may not be good, assessed SteelMint, looking at recent fall in stainless steel prices and reduced economic growth worldwide.
Ferro Chrome Export Prices Down, Buyers Still Holding Back
The spot price for Indian origin high carbon Ferro Chrome (58-60% Cr) was assessed at around 67-68 cents/lb CIF China, down from 68-69 cents/lb CIF last week.
The Japanese spot high-carbon Ferro chrome market stood at around 70 cents/lb CIF Japan, down from 71-72 cents/lb CIF last week.
No deals could be confirmed, and most buyers pegged for lower prices which were not acceptable to Indian producers.
On the future outlook, prices are expected to remain under pressure, and the possibility of seeing a rebound in prices is not expected this month. However, as production decreases in the winter months in China prices for Indian origin Ferro chrome could find some support.
IDCOL Auction
IDCOL Ferro Chrome & Alloys Limited had invited tenders for the sale of high carbon ferro chrome of 1,750 MT approximately. According to industry sources bids were received to the levels of INR 56,300/MT, Ex-Works. SteelMint assessed that only a few mills participated in the tender, and SAIL was awarded the material.
Exchange Rate : USD 1 = INR 66.8
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