Indian Ferro chrome prices have risen marginally as chrome ore prices rose again in China, following steep hikes in stainless steel mills’ tender prices.
The 60% grade Indian-origin Ferro Chrome was assessed at 78 cents/lb CIF China, while Indian producers were heard to be offering at around 80 cents/lb CIF China.
In line with Baosteel, other major Stainless Steel mills in China also released their purchase prices earlier in the week, Tsingshan Group and Jiuquan Steel raised their tender price to 7,000 yuan (USD 1031) and 6,800 yuan (USD 1002) per tonne, respectively, including delivery.
Elsewhere in Asia, sentiment is improving on higher prices in China. Indian high carbon Ferro Chrome export offers also increased to 88 cents/lb CIF Japan and 87 cents/lb CIF South Korea.
Given the increase in export prices, Indian producers are holding firm in the domestic market. SteelMint learned that prices have gone up to INR 67,000MT (Ex-Odisha) for grade 60% Cr material.
Although Ferro Chrome prices are firming up, it can be suggested that the Ferro chrome production could rise in China in the coming days and that could start exerting pressure on the global ferro chrome prices once again.
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