- Bids up by 13-17% m-o-m at OMC’s Feb’26 chrome ore auction
- China’s Tsingshan keeps its Mar’26 tender prices steady m-o-m
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices remained largely unchanged, slightly up by INR 400/t ($4/t) on 25 February as compared to the assessment on 18 February. Market remained silent post OMC’s chrome ore auction, as most buyers had already secured material, resulting in limited inquiries and weak trading activity.
According to BigMint’s assessment on 25 February, high-carbon ferro chrome (HC 60%, Si: 4%) prices in India were assessed at INR 123,000/t ($1,353/t) exw- Jajpur. Approximately 1,200 t of deals were concluded last week within the price range of INR 118,000-125,000/t ($1,298-1,375/t) exw.
Low-silicon high-carbon ferro chrome (HC 60%, Si: 2%) prices declined slightly w-o-w by INR 800/t ($9/t), reaching INR 128,200/t ($1,416/t) exw-Jajpur. In contrast, low-carbon ferro chrome (C: 0.1%) prices increasing marginally by INR 500/t ($6/t) w-o-w to INR 222,500/t ($2,447/t) exw Durgapur.
Market Updates (19-25 February 2026)
Market silent post OMC’s auction: At the Odisha Mining Corporation (OMC) chrome ore auction on 19 February, 59,400 t were sold out of 114,600 t offered. Bids for grades above 40% increased by 13-17% (INR 2,498 – 3,545/t) m-o-m, while bids for grades below 40% rose by about 10% (INR 997/t). Bids also exceeded base prices by 3-5% (INR 700 – 1,300/t).
Following this, market activity largely remained quiet. Higher seller offers did not gain much acceptance, as major buyers had already secured material, resulting in limited inquiries and weak trading momentum. Also as per reliable sources, at OMC’s high-carbon ferro chrome auction held today, no bids were reported, indicating cautious market sentiment and limited buying interest. In that, base price for the largest lot of 3,000 t (Cr: 60-64%, 10-100 mm) was set at INR 123,800/t ($1,361/t) exw.
Indian ferro chrome export market hold firm w-o-w : Indian ferro chrome export prices to China remained steady w-o-w at 98 cents/lb CNF, with the Chinese market remaining stable as operations gradually resumed after the holiday. Offers to South Korea and Japan were also unchanged at 105 cents/lb CNF and 107 cents/lb CNF, respectively.
Steady tender prices from Tsingshan: Tsingshan kept its ferro chrome tender price unchanged m-o-m at RMB 8,245/t ($1,205/t) DAP for March 2026 deliveries. The stability was likely due to firm raw material costs and steady ferro chrome prices in Feb’26, which continued to provide a price floor, despite weak demand from the stainless steel sector.
In China’s domestic market last week, the chrome ore prices remained firm, supported by high overseas mine offers and cost pressure from previously purchased higher-priced inventories. Although procurement activity slowed after pre-holiday stockpiling, strong cost support continued to underpin ferro chrome prices.
The stainless steel market remained subdued, with crude steel production declining m-o-m in February and mills resuming operations gradually after the holiday. Demand for ferro chrome stayed limited, as steel mills mainly purchased to meet immediate needs, while the market adopted a wait-and-see approach ahead of the traditional peak season in March.
Indian stainless steel market trends: Prices of stainless steel 304 grade cold-rolled coils (CRCs) remained firm w-o-w at INR 205,000/t ($2,255/t) exw-Mumbai. India’s stainless steel finished market showed mixed trends across flat and long products, with domestic demand remaining sluggish despite stable prices. Trading activity was low to moderate, as buyers largely resisted recent mill-led price increases.
In Europe, major producers such as Aperam, Outokumpu, and Acerinox raised March alloy surcharges for key grades including 304, supported by higher nickel and molybdenum costs. The increase in European benchmarks provided indirect support to market sentiment in Asia, including India.
Outlook
We expect the high-carbon ferro chrome auction by Vedanta Ferro Alloys Corporation (FACOR), scheduled for 27 February, to determine ferro chrome prices over the next week.
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