- Chinese prices remain stable ahead of Lunar New Year
- Sellers keep offers firm while buyers stay cautious
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices remained broadly stable, easing marginally by INR 600/t ($7/t) compared to the previous assessment on 4 February 2026. Sellers continued to maintain firm offer levels amid tight spot availability. However, buying activity remained cautious, with stainless steel mills largely procuring on a need basis.
High-carbon ferro chrome (HC 60%, Si: 4%) prices in India were assessed at INR 124,000/t ($1,369/t) exw-Jajpur, as per BigMint’s assessment on 12 February. Around 2,620 t of deals were concluded last week within the price range of INR 120,000-126,000/t ($1,325-1,391/t) exw.
Low-silicon high-carbon ferro chrome prices remained stable w-o-w at INR 130,000/t ($1,435/t) exw-Jajpur. Meanwhile, low-carbon (C: 0.1%) ferro chrome prices inched up by INR 1,500/t ($17/t) w-o-w to INR 216,000/t ($2,385/t) exw-Durgapur.
Market recap (5-11 February)
India market scenario: The ferro chrome market remained largely stable during the week, with sellers maintaining firm offers of up to INR 127,000/t ($1,402/t) exw amid limited material availability and were reluctant to reduce prices. Some suppliers reported being sold out for the month.
Meanwhile, buying interest from stainless steel mills remained, with around 2,620 t of trades were concluded during the week. Transactions were largely need-based, as mills preferred to secure limited volumes rather than build inventories amid uncertain downstream demand and price expectations.
A buyer informed BigMint, “Sellers are quoting at high levels, but prices are likely to come down given the expected improvement in supplies”.
China market sentiments: Ferro chrome (HC 60%) prices in China remained steady w-o-w at RMB 8,900/t ($1,282/t) exw-Inner Mongolia. The chromium ore market was stable, with overseas miners maintaining firm offers and suppliers showing limited willingness to reduce prices. Although port inventories remained high, overall supply pressure eased slightly. Winter restocking by ferro chrome plants supported demand. However, rising raw material and smelting costs in Inner Mongolia increased production expenses and continued to squeeze profit margins.
The stainless steel market remained weak, with crude steel output declining m-o-m in February due to production cuts and maintenance ahead of the holidays. This reduced demand for raw materials and led to a slight build-up in inventories. Spot prices fluctuated, while mills adopted a cautious buying strategy focused on immediate requirements. However, expectations of stronger demand during the March-April peak season remain, with some mills already booking raw materials in advance.
Indian stainless steel market trends: Stainless steel prices for 304 grade CRC remained steady w-o-w at INR 202,000/t ($2,235/t) exw-Mumbai. The domestic finished stainless steel market was largely unchanged, as volatile nickel prices and limited spot buying kept trading activity subdued. A stronger rupee reduced export competitiveness, while domestic buyers maintained a cautious approach despite firm alloy input costs.
Mills noted that the anticipated demand recovery following recent trade developments did not materialize, particularly in the longs segment. Meanwhile, the government’s extension of key Quality Control Order (QCO) compliance deadlines until March has offered temporary relief to the supply chain. Stainless steel flats, especially 200- and 300-series grades facing domestic supply shortages, may witness smoother import flows for shipments dispatched before the deadline, even if not fully BIS-compliant.
Outlook
Ferro chrome prices are expected to remain range-bound , with end-user demand recovery and the upcoming OMC chrome ore auction likely to influence domestic price trends and near-term market activity.
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