- Bids decline at yesterday’s Vedanta-FACOR auction
- Cheap imports pressure domestic stainless steel market
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices fell by INR 2,000/tonne (t) ($23/t) as compared to the previous assessment on 7 November. Prices declined, as key end users were not active in the market for booking material, which led sellers to reduce their offers.
High-carbon ferro chrome (HC 60%, Si: 4%) prices in India were at INR 115,500/t ($1,302/t) exw-Jajpur, as per BigMint’s assessment on 14 November. Prices stood at almost a two-month low, last seen in early September 2025, when the index was at around INR 113,700/t exw. Deals for approximately 1,800 t were concluded last week in the price bracket of INR 115,000-117,500/t ($1,297-1,325/t) exw-Jajpur.
Low-silicon high-carbon ferro chrome prices declined by INR 2,000/t ($23/t) w-o-w to INR 123,000/t ($1,387/t) exw-Jajpur. Trades for around 500 t were concluded last week within the price range of INR 123,500-124,000/t ($1,392-1,398/t) exw. Similarly, low-carbon ferro chrome (C:0.1%) prices too dipped by INR 1,200/t ($14/t) w-o-w to INR 210,800/t ($2,377/t) exw-Durgapur.
Market summary (6-13 November 2025)
Sellers trim offers as bids stay weak: The ferro chrome market was dull last week due to limited inquiries and weak demand from the stainless steel sector. Buyers continued to keep bids low, forcing sellers to adjust their offers downward to stay competitive. A producer informed BigMint, “Currently, production costs are coming to around INR 117,000/t ($1,319/t), and we will not offer material below these levels. We will decide further after the upcoming chrome ore auction from OMC.”
Bids fall in recent ferro chrome auction: Also at Vedanta-FACOR’s ferro chrome auction yesterday, the larger lot (Cr: 52-55% min, 10-150 mm) fetched an H1 price of INR 110,100/t exw, down by INR 5,000/t from the previous auction. The smaller lot of the same grade and size closed at INR 112,800/t exw.
Export offers drop: Indian ferro chrome export prices to China inched down by 3 cents/lb w-o-w to 91 cents/lb CNF, weighed down by weak demand from stainless steel mills amid sufficient inventories. Prices to Japan and South Korea also eased by 2 cents/lb and 1 cent/lb, respectively, to 103 cents/lb CNF for both countries.
Indian stainless steel market remains dull: Prices of 304-grade stainless steel hot-rolled coils (HRCs) were unchanged w-o-w at INR 184,000/t ($2,074/t) exw-Mumbai. India’s domestic stainless steel market remained subdued this week amid weak demand and market uncertainty. Finished flats prices held steady, but trade activity was limited, as participants waited for mid-November policy clarity on BIS compliance for imports. Cheap imports from China, Vietnam, and Indonesia, priced 5-10% lower than domestic levels, further added pressure. Market sentiment was cautious, with limited demand recovery expected until policy clarity emerges.
Chinese prices edge down: Ferro chrome (HC60%) prices in China inched down by RMB 100/t ($14/t) w-o-w to RMB 8,400/t ($1,181/t) exw-Inner Mongolia. Prices edged lower amid cautious sentiment and subdued demand. South Africa’s planned tariffs on unprocessed chrome ore raised supply concerns, though export licensing delays eased the impact. Earlier strikes kept miners firm on prices, and higher coking coal costs partially offset weaker ore tags, reducing margins for low and medium-carbon ferro chrome. Overall, activity remained limited to short-term trades, with prices likely to stay range-bound in the near term.
Outlook
Amid current market conditions and bid-offer gaps, ferro chrome prices are likely to fall further in the days ahead.
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