Indian Ferro Chrome prices knocked down by INR 1000/MT amid higher selling pressure on the absence of Chinese demand. The Chinese market continues to remain dull amid severe health conditions in the country, this has forced the Indian producers to allocate higher quantities in the domestic market. Meanwhile, the demand in the domestic market remains dull and therefore the selling pressure on the Ferro Chrome smelters increased.
The domestic market in China witnessed a good raise in the prices on W-o-W basis; due to disruptions in raw material supply to the Ferro Chrome plants and the deliveries of alloys to the Stainless steel Mills. Since the Corona Virus outbreak, road transport restrictions have been tightened, this has created disruptions in the supply-demand chain and the delivery costs have escalated in China.
The prices in the domestic market are at around INR 62,000/MT Ex-Jajpur. However, a deal was heard to be concluded at INR 61,000/MT. Meanwhile, the exporters are in a wait and watch mode and hold a bearish outlook.
On the future outlook, producers feel that the prices may come down further amid dull market conditions and bearish market sentiments.
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