- Stainless steel prices rise amid supply disruptions
- Export offers soften amid cautious global buying
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices stayed largely stable, going down slightly by INR 200/t ($2/t) as compared to the assessment on 3 February. Prices kept steady as sellers maintained firm offers in the market despite limited inquiries.
High-carbon ferro chrome (HC 60%, Si: 4%) prices in India were INR 120,800/t ($1,309/t) exw-Jajpur, as per BigMint’s assessment on 11 February. Around 1,800 t of deals were concluded last week in the price range of INR 120,500-121,500/t ($1,305-1,316/t) exw.
Prices declined for low-silicon high-carbon ferro chrome (HC 60%, Si: 2%) by INR 1,700/t ($18/t) w-o-w to INR 125,300/t ($1,357/t) exw-Jajpur. However, for low-carbon ferro chrome (C: 0.1%), prices went up by INR 2,000/t ($22/t) w-o-w to INR 226,000/t ($2,448/t) exw-Durgapur.
Market summary (5-11 March 2026)
Sellers resist price cuts despite weak demand: Ferro chrome market remained relatively quiet as sellers slightly adjusted their offers following bid-offer gaps seen over the past few weeks. The minimum market offer was heard around INR 120,500/t ($1,305/t) exw, with key producers unwilling to reduce prices further due to similar realizations in pre-booked export sales.
On the demand side, buying activity from end users stayed cautious, as many buyers expected prices to decline further before making fresh purchases. Market activity also slowed down as participants entered a lean phase ahead of OMC’s upcoming chrome ore auction, which is likely to be held next week. The auction is expected to give clearer direction on raw material prices and may influence ferro chrome market trends in the coming weeks.
Decline in export offers: Indian ferro chrome export offers to China stayed largely steady w-o-w at 99 cents/lb CNF. Although, for Japanese and South Korean market, prices came down by 3 cents/lb each to 104 cents/lb and 102 cents/lb, respectively. The drop was due to weak stainless steel demand and few transaction were also concluded at those levels.
Slight uptick in Chinese prices: Ferro chrome (HC60%) prices in China inched up by RMB 100/t ($15/t) w-o-w to RMB 9,000/t ($1,311/t) exw-Inner Mongolia. The chrome ore market witnessed a slight upward price trend, supported by firm overseas offers and limited selling interest from suppliers. Ferro chrome producers maintained high operating rates, keeping ore demand steady, while rising raw material and smelting costs increased production expenses and pressured profit margins.
In the downstream sector, the stainless steel market remained weak as crude steel output declined in February due to maintenance shutdowns and production cuts, reducing ferro chrome demand. Steel mills continued need-based purchasing amid weak end-user orders. Looking ahead, ferro chrome prices are likely to remain range bound, supported by tight supply but capped by subdued stainless steel demand.
Stainless steel prices rise on global uncertainty: Stainless steel prices for 304 grade CRC rose by INR 10,000/t ($108/t) w-o-w to INR 215,000/t ($2,329/t) exw-Mumbai. Prices were supported by supply disruptions linked to escalating Middle East tensions and energy constraints. Government limits on LNG supply affected rolling and heating operations at several mills, with production schedules reportedly reduced by 10-15%, tightening availability.
Producers raised prices citing higher input costs and global uncertainty. Rising freight rates and container delays reduced import viability, keeping domestic supply firm. Globally, higher nickel and ferro nickel costs added pressure, while weaker export bookings and cautious buying sentiment continued. In the near term, prices are expected to stay supported amid ongoing geopolitical risks.
Outlook
Although stainless steel prices have gone up, but its largely linked to geo-political issues and not based on demand. So in the coming days, ferro chrome prices might stay under pressure with limited inquiries.
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