- Sellers hold offers firm as regular trades continue; export activity slows
- Stainless steel prices decline marginally amid cautious market sentiment
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices stayed largely stable, edging up by INR 200/t ($2/t) w-o-w to INR 118,800/t ($1,238/t) exw-Jajpur. Regular trade, along with steady market conditions, kept the overall market unchanged.
Deals for around 2,300 t were recorded by BigMint last week within the price bracket of INR 118,500-120,000/t ($1,234-1,250/t) exw.
Low-silicon and low-phos ferro chrome prices edged up as well by INR 500/t ($5/t) each to INR 123,600/t ($1,288/t) and INR 131,000/t ($1,365/t) exw-Jajpur, respectively. Meanwhile, low carbon ferro chrome prices were unchanged w-o-w at INR 239,000/t ($2,490/t) exw-Durgapur.
Market recap (24-30 September)
Domestic demand keeps prices firm: Indian ferro chrome prices remained largely firm during the week, supported by sellers maintaining their offer levels and regular buying interest from domestic consumers. Consistent deals at prevailing prices provided further support to the market. Meanwhile, export activity remained limited, with relatively fewer overseas enquiries and transactions reported during the week. As a result, most material continued to be supplied into the domestic market.
With a balanced supply-demand situation and steady domestic consumption, market participants largely maintained their positions. Consequently, ferro chrome prices witnessed limited movement and remained broadly stable over the week.
Stainless steel prices edge lower amid caution: Indian stainless steel prices for 304 grade HRC edged down by INR 2,000/t ($21/t) w-o-w to INR 220,000/t ($2,292/t) exw-Mumbai. Overall, the market remained mixed during the week, with flat products seeing moderate buying while long products stayed subdued. Market sentiment was largely cautious, as buyers continued to purchase mainly for immediate requirements and remained sensitive to raw-material and freight costs.
Market participants expect buying activity to improve gradually in October as consumers begin restocking ahead of Diwali. However, buyers are likely to remain cautious until there is more clarity on raw-material costs and downstream demand. Overall, the market is expected to remain mixed, with 316 products receiving relatively stronger support, while weak exports and cautious buying may limit broader price gains.
Amply supply weighs on Chinese prices: China’s ferro chrome market remained weak as ample supply and cautious stainless steel buying continued to pressure prices. Maintenance at some Inner Mongolia plants offered limited supply relief, but high operating rates and expected new capacity in Q4CY’26 kept the supply outlook comfortable. Higher chrome ore and coking coal costs also squeezed smelter margins. Chrome ore prices remained under pressure amid high port inventories and weak futures, while suppliers resisted major price cuts. Meanwhile, stainless steel mills continued with small, need-based purchases, keeping ferro chrome demand subdued.
Outlook
Indian ferro chrome prices are expected to remain stable in the coming week, supported by steady domestic demand and firm seller offers. Festive restocking may provide some support, while cautious stainless steel buying and weak exports could limit further gains.
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