- Bids rise 2-5% m-o-m at OMC’s chrome ore auction
- Tsingshan raises ferro chrome tender prices for May
Indian high-carbon ferro chrome (HC60%, Si:4%) prices were stable last week, edging up slightly by INR 600/t ($7/t) in comparison with the previous assessment on 16 April 2025. The majority of market participants were in a wait-and-watch mode which kept prices from fluctuating.
As per BigMint’s assessment on 23 April, high-carbon ferro chrome prices in India were INR 101,300/t ($1,184/t) exw-Jajpur. Around 400 t of deals were reported last week in the price range of INR 101,500-102,000/t ($1,186-1,192/t) exw.
Low-silicon high-carbon ferro chrome prices inched up by INR 400/t ($5/t) w-o-w to INR 105,900/t ($1,237/t) exw-Jajpur. In the price range of INR 105,000-105,500/t ($1,227-1,233/t) exw, approximately 400 t of material was traded. A drop of INR 1,500/t ($18/t) w-o-w was seen in low-carbon (C:0.1%) ferro chrome prices to INR 202,250/t ($2,363/t) exw-Durgapur.
Market highlights (17-23 April)
Lean period following OMC’s chrome ore auction: On 19 April, OMC held an auction for 104,600 t of chrome ore. However, only 30,900 t was sold with bid prices edging up by 2-5% (INR 189-900/t) in comparison to the previous month’s auction. Final bid prices stayed largely steady as against base prices.
A seller informed BigMint. “People usually tend to buy before auction and usually there’s a lean period of 10-15 days after the auction. Major buyers already have sufficient inventories with them.”
A ferro chrome auction has been scheduled by OMC tomorrow which will throw light on price trends. A total of 3,150 t has been put up for auction and the base price of the largest lot of 1,100 t (Cr: 60-64%, 10-100 mm) has been set at INR 99,700/t exw ($1,166/t) exw.
Slight adjustments in domestic offers: Post chrome ore auction and rise in Tsingshan’s tender price for May, some sellers adjusted their offers upward by up to INR 103,000/t ($1,205/t) exw. However, acceptance from buyers was not seen at these levels, with counter bids at INR 100,000-101,000/t ($1,170-1,182/t) exw.
A market source was recently quoted as saying: “Ferro chrome demand usually remains weak during March-May every year. Stainless steel production goes on in full swing from the monsoons to the festive season. So demand might pick up later.”
Chinese market remains stable: Ferro chrome (HC60%) prices in China edged down by RMB 100/t ($14/t) w-o-w to RMB 8,250/t ($1,132/t) exw-Inner Mongolia. The ferro chrome market remained stable, with chrome ore prices holding steady, and cost pressures on producers easing slightly. However, due to uncertain demand, many mills remained cautious in purchasing raw materials, which dampened market activity.
Robust stainless steel production and steady chrome ore costs offered underlying support, providing scope for slight upward price adjustments.
One major stainless steel producer, Tsingshan, raised its ferro chrome tender prices for May’25 deliveries by RMB 500/t ($69/t) to RMB 8,095/t ($1,111/t) DAP, including taxes.
Stainless steel prices rise w-o-w: Prices of 304-grade stainless steel hot-rolled coils (HRCs) inched up by INR 4,500/t to w-o-w at INR 185,000/t ($2,162/t) exw-Mumbai. Prices increased due to a leading coil manufacturer raising tags of 304 and 316 grades by INR 3,000/t ($35/t), from 22 April.
This hike was driven by rising LME nickel prices, a key raw material in stainless steel production. Additionally, the imposition of a provisional 12% safeguard duty on carbon steel flat product imports aims to support the domestic industry, further influencing market sentiment.
Outlook
Prices are likely to stay within the current range in the days ahead, with some variations likely. Indian sellers also cited a recent hike in export inquiries which may support domestic prices in the near term.
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