- China price surge impact felt in Indian market
- TISCO raises Apr tender price by $82/t m-o-m
Indian high-carbon ferro chrome (HC60%, Si:4%) prices inched up slightly by INR 500/t ($6/t) as compared to the previous assessment on 2 April. Prices more or less held steady as market participants were unclear of the near-term outlook due to prevailing bid-offer disparities.
As per BigMint’s assessment on 9 April, high-carbon ferro chrome (HC60%, Si:4%) prices hovered at INR 100,600/t ($1,169/t) exw-Jajpur. Limited trades of around 200 t were finalised last week within the price range of INR 98,500-101,500/t ($1,145-1,180/t) exw.
For low-carbon (C:0.1%) ferro chrome, prices were unchanged w-o-w at INR 205,000/t ($2,383/t) exw-Durgapur. Low-silicon high-carbon ferro chrome prices inched up slightly by INR 250/t ($3/t) w-o-w to INR 105,500/t ($1,226/t) exw-Jajpur.
Market recap (3-9 April 2025)
Bid-offer gaps widen: Boosted by the recent positive developments in the Chinese market and rise in tender prices, sellers in the Indian market tried to lift their prices of ferro chrome.
A key domestic seller, who revised their offer to INR 103,000/t ($1,197/t) exw, informed BigMint, “The ripple effect of China’s price surge is being felt in the Indian domestic market as well. At the current Chinese spot price levels, Indian producers have started realising nearly Rs 103,500/t ($1,203/t) FOB from exports to China. Indian sellers are also taking support from the recent increase in European benchmark prices to offer higher in this geography.”
On the other hand, bids from buyers hovered at around INR 100,000/t ($1,162/t) exw levels. A key stainless steel buyer was quoted as saying, “Our plant is in shutdown and we are currently keeping our purchases on hold.” Another buyer informed that sellers’ quotes were lesser than his inquiries in the market.
Global market trends
Ferro chrome (HC60%) prices in China inched up by RMB 200/t ($27/t) w-o-w to RMB 8,400/t ($1,143/t) exw-Inner Mongolia. TISCO’s ferro chrome tender price also increased for April by RMB 600/t ($82/t) m-o-m to RMB 7,395/t ($1,006/t) DAP.
Ferro chrome prices rose due to tight spot availability of raw materials, caused by delays at South African ports, with miners maintaining strong price pressures. The higher raw material prices provided stronger cost support to ferro chrome, encouraging producers to offer at higher levels.
Samchrome also has set the European benchmark ferro chrome price for Q2CY’25 at 140 cents/lb, a 5 cents/pound increase from the Q1CY’25 price of 135 cents/lb.
According to Japan Metal Daily, Japan Steel agreed with several ferro chrome manufacturers in South Africa on 7 April to raise the price of ferro chrome for April-June by around 4% compared to the previous fiscal year. This is the first price increase in one year since April-June last year.
The new price is 148 cents/lb CNF for high-carbon ferro chrome.
Stainless steel prices inch down: Prices of 304-grade stainless steel hot-rolled coils (HRCs) fell marginally by INR 500/t ($6/t) w-o-w to INR 180,500/t ($2,098/t) exw-Mumbai.
This drop was driven by the recent decline in LME nickel prices, which had dropped to a five-year low. Expectations were that Indonesia’s nickel ore premiums would decrease, and the market remained cautious in the short term, with demand expected to pick up towards the end of April.
Outlook
The ongoing bid-offer disparity in the market might keep prices steady in the near term with some variations.
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