- Some sellers lift offers amid limited material supply
- Tsingshan’s tender price stays firm m-o-m in Mar’25
Indian high-carbon ferro chrome (HC60%, Si:4%) prices were largely steady w-o-w, up slightly by INR 700/tonne (t) ($8/t) in comparison to the previous assessment on 26 February. Prices were stable, as not much variation was seen in bids and offers, and the market witnessed regular trades.
As per BigMint’s assessment on 5 March, Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 101,100/t ($1,162/t) exw-Jajpur. Trades for approximately 2,400 t were recorded by BigMint in the price range of INR 100,000-102,000/t ($1,149-1,172/t) exw.
Prices were steady w-o-w for low-carbon (C:0.1%) ferro chrome as well, at INR 205,000/t ($2,356/t) exw-Durgapur. However, low-silicon high-carbon ferro chrome prices declined marginally by INR 750/t ($9/t) w-o-w to INR 105,250/t ($1,210/t) exw-Jajpur. Deals for around 600 t of it were carried out at similar levels.
Market recap (27 February-5 March)
Bids, offers remain aligned: Of the total spot deals concluded during this period, around 2,000 t were traded at around INR 101,000/t ($1,161/t) exw. Hence, the market largely stabilised at those levels, as bids matched offers. Commenting on this, a primary Indian seller informed BigMint, “Currently, material is easily available in the market at this price range, so we are keeping our offers on hold. We will start offering once the market picks up pace.”
Additionally, some sellers quoted higher values, but no deals were concluded at these prices. A buyer stated, “We are getting quotes of INR 103,000/t ($1,184/t) exw, and we have not finalised any deals yet. Some key players have stopped offering, and sooner or later, elevated offers might be accepted.”
SAIL-Salem Steel Plant (SSP) has also issued a purchase tender to procure 4,200 t of high-carbon ferro chrome (Cr: 57-63%, C: 5-8%, 10-70 mm). The last date for submission of bids is 7 March 2025.
Tsingshan keeps tender prices stable against expectations of hike: Tsingshan, a major stainless steel manufacturer in China, kept its tender price unchanged m-o-m for March 2025 at RMB 6,995/t ($965/t) DAP, including taxes. Domestic prices in China (Cr: 50%) were higher, hovering at around RMB 7,350/t ($1,014/t) exw-Inner Mongolia. Additionally, imported South African-origin chrome ore prices went up by $10/t w-o-w to $260/t CNF China.
Hence, the stability in Tsingshan’s tender price came as a surprise for the market, as they were expecting it to rise m-o-m. Sources highlighted that Tsingshan already has sufficient inventories of ferro chrome, and there was poor demand for stainless steel products.
Stainless steel prices remain unchanged w-o-w: Prices of 304-grade stainless steel hot-rolled coils (HRCs) stood at INR 177,000/t ($2,033/t) exw-Mumbai, unchanged w-o-w. Despite a rise in LME nickel prices, stainless steel tags were steady, largely due to need-based buying. Market participants also felt that the prices had reached a bottom. A substantial improvement in prices is not expected in the days ahead, amid the approaching Holi festival.
Outlook
Prices may increase to some degree in the days ahead, as sellers are now trying to lift offers. However, buyers’ acceptance of these higher values will remain the key determining factor.
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