- Base prices rise by 1% at OMC’s chrome ore auction
- Stainless steel prices remain unchanged w-o-w
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices stayed unchanged w-o-w at INR 120,000/t ($1,269/t) exw-Jajpur, as per BigMint’s assessment on 21 October. With OMC’s chrome ore and Vedanta FACOR’s ferro chrome auction scheduled on 22 October, not much of activity was reported in market last week.
Limited deals of around 400 t were concluded at INR 120,000/t ($1,269/t) exw-Jajpur levels.
Prices were stable for low-phos and low-silicon ferro chrome as well. However, for the low-carbon variant, prices edged up slightly by INR 400/t ($4/t) w-o-w to INR 239,400/t ($2,532/t) exw-Durgapur.
Market summary (15-21 October)
Key auctions keep market cautious: The Indian ferro chrome market remained largely quiet last week amid festive holidays, with trading activity subdued and market participants adopting a cautious approach. With two major auctions scheduled for 22 October, buyers and sellers preferred to remain on the sidelines, awaiting the outcomes to assess market direction and price trends.
OMC’s chrome ore auction will offer 100,000 t, unchanged m-o-m, while base prices have increased marginally by 1% (INR 100-402/t) across grades. The auction outcome is expected to provide indications of raw material cost trends and influence ferro chrome market sentiment.
Meanwhile, Vedanta-FACOR’s auction will feature four lots of high-carbon (HC) ferro chrome, including two lots of material with Cr:57% min (10-150 mm), one lot of Cr:54% min (10-20 mm) and another lot of Cr:51% min (0-10 mm). Market participants are closely monitoring both auctions, with the results likely to shape near-term buying interest, price negotiations and domestic market sentiment.
Festive disruption weighs on stainless steel market: Stainless steel prices for 304 grade HRC were steady w-o-w at INR 218,000/t ($2,306/t) exw-Mumbai. Overall market remained subdued in the week ended 21 October 2026, as festive disruptions, liquidity constraints and cautious procurement limited trading activity. Pre-Diwali requirements provided some support to flat products, while long products faced weaker demand and limited export opportunities.
Stainless steel scrap prices also weakened amid lower nickel prices and limited buying interest, with some mills shifting towards alternative raw materials. Meanwhile, China’s stainless steel exports reached a 2026 monthly high of 454,600 t in September, up 8.6% y-o-y. Shipments to India rose 172.9% y-o-y to around 359,000 t during January-September, intensifying import competition. The market is expected to remain cautious around Diwali, with recovery depending on post-festival restocking and stronger end-user demand.
Ample supply and weak demand impact Chinese market: China’s ferro chrome market weakened amid lower steel mill bids, cautious stainless steel procurement and softening raw material costs. Despite production cuts at some mills, ample supply and sluggish trading continued to weigh on prices. Chrome ore prices remained under pressure as high port inventories and weak overseas futures limited cost support, while subdued procurement from ferro chrome smelters further pressured the market. Stainless steel producers continued to restrict purchases to immediate requirements amid weak seasonal demand, high inventories and margin pressures. Lower tender prices also dampened ferro chrome sentiment.
Outlook
Market direction will depend on the outcomes of OMC’s chrome ore and Vedanta-FACOR’s ferro chrome auctions. Festive-related disruptions, cautious stainless steel procurement, weaker scrap prices and subdued Chinese market sentiment may limit price upside. However, OMC’s marginally higher chrome ore base prices could provide some cost support. Post-Diwali restocking, auction price trends and improvements in stainless steel demand will be key factors influencing domestic ferro chrome prices.
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