- Leading producers restrict supplies
- China’s domestic prices stable w-o-w
Indian high-carbon ferro chrome (HC60%, Si:4%) prices stayed unchanged w-o-w in comparison to the assessment on 7 May 2025. With limited offerings and trades in the domestic market, prices remained stable.
As per BigMints assessment on 7 April, high-carbon ferro chrome (HC60%, Si:4%) prices in India were at INR 100,400/t ($1,172/t) exw-Jajpur. Around 200 t of deals were reported to BigMint last week in the price range of INR 100,500-101,000/t ($1,173-1,179/t) exw.
Low-silicon high-carbon ferro chrome prices saw a slight decline of INR 500/t ($6/t) w-o-w to INR 105,500/t ($1,231/t) exw-Jajpur. In addition, low-carbon (C:0.1%) ferro chrome prices too dropped by INR 2,600/t ($30/t) w-o-w to INR 201,000/t ($2,346/t) exw-Durgapur.
Market recap (8-14 May 2025)
Limited supplies, trades support prices: Since the beginning of April 2025, prices have stayed largely range-bound, hovering in the range of INR 100,100-101,300/t ($1,168-1,182/t) exw. With limited demand and lesser bids from buyers, key sellers in the domestic market limited their supplies or stopped offering high-carbon ferro chrome (HC60%, Si:4%). One of the primary sellers reduced their monthly production numbers from around 40,000 t to 20,000 t recently.
Another seller informed BigMint, “Due to not very good demand for ferro chrome, we have switched one out of the three furnaces to produce manganese alloys.”
Buyers, on the other hand, remained in wait-and-watch mode in anticipation that prices may fall further.
Overall, prices kept steady and as per majority of the market sources, prices will not go much beyond the current levels.
Stability in Chinese market: Ferro chrome (HC60%) prices in China were steady w-o-w at RMB 8,100/t ($1,124/t) exw-Inner Mongolia. Tight supplies and higher chrome ore prices did exert some upward pressure, but limited trading activity and weak stainless steel market prevented significant increases.
Stainless steel manufacturers focused more on cost reductions and extending inventory cycles, keeping ferro chrome demand muted. Looking ahead, the Chinese ferro chrome market is expected to stay weak as traders and manufacturers remain cautious, despite potential long-term benefits from recent tariff policies.
Stainless steel market dynamics: Prices of stainless steel grade 304 HRC were unchanged w-o-w at INR 186,000/t ($2,171/t) exw-Mumbai. Prices kept steady despite previous hikes by a major coil manufacturer, primarily driven by weak demand.
Meanwhile, LME nickel prices rose by 2.5% w-o-w to $15,940/t due to a softer US dollar and speculation of Federal Reserve rate cuts. Liquidity constraints and increased imports (up 3% y-o-y in FY’25) continued to pressure the market.
In the short term, prices are expected to remain stable, with little chance of further decline in both raw and finished stainless steel materials.
Outlook
Taking into account existing market conditions, ferro chrome prices are likely to stay range-bound in the days ahead with minimal fluctuations.
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