Indian Ferro Chrome prices remain unchanged due to the absence in trading activities.
With the Spring Festival approaching the market is silent in China, which is one of the major importers for Ferro Chrome. The smelters have retreated themselves from the market after completing the stocking up for the Chinese New Year festival which is starting on Feb 5.
Domestic Buyers are pushing for much lower prices which are putting the market into pressure. Traders expect the prices to fall further amid negligible demand in the market. Meanwhile, there is no demand from China coming and only after the Spring festivals are over, the market can show some signs of improvement.
Prices for HC Ferro Chrome in the domestic market remained unchanged at INR 68000/MT and export prices are assessed at 75 cents/lb CIF China, 80 cents/lb CIF Korea and 81 cents/lb CIF Japan.
One Indian Producer reported SteelMint of a South Korean company inquiring the material at 78cents/lb CIF South Korea, but the Indian company denied to accept offers at that price quoting it to be too low. Meanwhile, another trader added that a European Company is also inquiring the materials at 78 cents/lb CIF Europe, but considering the high ocean freight, the deal doesn’t seem to be workable.
The market is expected to be silent as the market worldwide is in the wait and watch mode till the Spring Festivals over. Producers are however still pessimistic about the market scenario as the major importing Country China is also facing Electricity restrictions and hence production cuts. Moreover, the major Chinese Steel Mills like TISCO, Bao Steels etc which have rolled over the prices for February made the producers far from optimistic about the recovery in Ferro Chrome prices.
In the Future outlook, Demand is expected to rebound from the Chinese Buyers Post Spring Festivals. Traders believe that prices may pick up after the Chinese New year as the demand may be renewed from the Ferro Steel Mills.
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