- Suppliers maintain firm offers despite slow trading activity
- Tight supply of Cr 60% grade contributes to price stability
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices were largely stable on 14 January 2026, down slightly by INR 300/t ($3/t) as compared to the assessment on 7 January. Market activity was limited, as participants adopted a wait-and-watch stance ahead of OMC’s chrome ore auction, scheduled for next week.
As per BigMint’s assessment on 14 January, high-carbon ferro chrome (HC 60%, Si: 4%) prices in India were at INR 105,700/t ($1,170/t) exw-Jajpur. Around 2,000 t were traded during the assessment window in the INR 105,000-105,500/t ($1,163-1,168/t) exw price range.
Low-silicon high-carbon ferro chrome prices edged up by INR 400/t ($4/t) w-o-w to INR 111,000/t ($1,229/t) exw-Jajpur. However, low-carbon (C:0.1%) ferro chrome prices edged down by INR 500/t ($6/t) w-o-w to INR 207,000/t ($2,292/t) exw-Durgapur.
Market highlights (8-14 January 2026)
Market remains balanced ahead of OMC’s chrome ore auction: The domestic ferro chrome market remained balanced, as major buyers had already secured material earlier and, hence, refrained from spot purchases. On the supply side, sellers maintained firm offers, refraining from quoting below INR 105,000/t ($1,163/t) exw, which helped keep prices stable.
Additionally, according to sources, there was limited availability of the Cr: 60% grade, with only a few sellers having immediate stocks to offer. This also supported prevailing prices. Due to the tight supply, some sellers raised their offers slightly to around INR 109,000/t ($1,207/t) exw, though deals at these levels were yet to be concluded.
Meanwhile, the market entered a lean phase ahead of OMC’s chrome ore auction scheduled for 19 January 2026, which typically slows down trading activity and keeps overall market sentiment stagnant.
TISCO reduces tender price in Jan’26: China’s Taiyuan Iron and Steel Corporation (TISCO) reduced its January ferro chrome tender price by RMB 200/t ($29/t) m-o-m to RMB 7,995/t ($1,146/t) DAP, inclusive of taxes.
However, Chinese domestic prices gained modestly, supported by balanced supply-demand conditions. Chrome ore prices remained slightly strong due to steady supply from South Africa and Turkiye and limited willingness to sell at lower levels. High-carbon ferro chrome margins stayed healthy, while medium- and low-carbon grades saw marginal improvement on selective demand.
Stainless steel production remained steady, supporting overall ferro chrome consumption, with additional demand for medium and low-carbon grades from speciality steel applications. The policy environment remained neutral, offering no major disruption to market fundamentals. Looking ahead, high-carbon ferro chrome prices are expected to stay stable, while medium- and low-carbon grades may edge higher, supported by tight supply-demand balance and manageable cost pressures.
Nickel price gains support stainless steel market: Prices of 304-grade stainless steel cold-rolled coil (CRCs) increased by INR 2,000/t ($22/t) w-o-w to INR 198,000/t ($2,192/t) exw-Mumbai. Prices were supported by rising nickel costs and improving domestic demand, despite slower trading during the Makar Sankranti and Lohri holidays. Ongoing supply-side restrictions in Indonesia continued to push up nickel prices, encouraging mills to hold higher prices.
The finished flats segment stayed stable on healthy demand and elevated global prices, further supported by recent hikes from major producers. Meanwhile, finished long prices increased amid active trade, with mills increasing offers amid expectations of further cost escalation.
Looking ahead, stainless steel prices are expected to stay firm, driven by elevated alloy costs and continued volatility in nickel markets.
Outlook
For now, ferro chrome prices are expected to stay at current levels. Further clarity on price trends will emerge following OMC’s chrome ore auction on 19 January 2026.
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