- Major Indian stainless steel mill slashes 300 series prices
- Buyers expect lower prices soon amid bid-offer disparities
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices declined by INR 2,200/t ($25/t) in comparison to the previous assessment on 29 October. Prices fell, as the stainless steel market was under pressure amid the resumption of imports following the relaxation of BIS norms.
As per BigMint’s assessment on 5 November, high-carbon ferro chrome (HC 60%, Si: 4%) prices in India were at INR 118,000/t ($1,331/t) exw-Jajpur. Limited volumes were traded last week, with few deals being concluded at around INR 117,000/t ($1,320/t) exw.
Low-silicon high-carbon and low-carbon ferro chrome (C:0.1%) prices too edged down by INR 300/t ($3/t) and INR 700/t ($8/t) w-o-w to INR 125,000/t ($1,410/t) exw-Jajpur and INR 212,000/t ($2,392/t) exw-Durgapur, respectively.
Market highlights (30 October-5 November 2025)
Stainless steel sector softens: Prices of 304-grade stainless steel hot-rolled coils (HRCs) declined by INR 2,000/t ($23/t) w-o-w to INR 184,000/t ($2,076/t) exw-Mumbai. The domestic market remained lacklustre last week, amid sluggish demand and price cuts by a major producer. India’s leading stainless steel coil manufacturer reduced 300-series prices from 3 November, with 304 and 316 coils down by INR 6,000/t ($68/t) and INR 9,000/t ($102/t), respectively, following a temporary BIS relaxation on imports.
Although demand improved slightly from the auto and infrastructure sectors, heavy inventories and rising import pressure from Malaysia and Vietnam capped sentiment. Stainless steel longs also softened, with 304L and 316L bars down INR 1,000/t ($11/t). LME nickel slipped 1.7% to $15,100/t. Overall, weak demand, ample supply, and import competition may keep prices under pressure.
Ripple effect on ferro chrome demand: Due to the above factor, ferro chrome prices stayed under pressure, with key buyers expecting material in the range of INR 116,000-117,000/t ($1,309-1,320/t) exw. However, sellers were not offering at these levels yet. This ongoing bid-offer disparity might get resolved once active trade starts.
Chinese prices edge down: Ferro chrome (HC60%) prices in China edged down by RMB 100/t ($14/t) w-o-w to RMB 8,500/t ($1,193/t) exw-Inner Mongolia.
High chrome ore prices kept ferro chrome production costs elevated. In South Africa, stalled labour talks disrupted port operations, tightening spot supply, while Turkish miners maintained premium rates, adding to cost pressure. Domestic chrome ore inventories stayed moderate, as buyers purchased cautiously. Energy restrictions limited output and raw material demand.
Meanwhile, the stainless steel sector entered its seasonal lull, softening ferro chrome demand. Overall, ferro chrome prices are expected to remain range-bound, supported by high ore costs but capped by weak stainless steel demand.
Outlook
With the prevailing bid-offer gaps in the domestic market, prices may witness further decline in the days ahead.
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