Indian Ferro Chrome prices remained unchanged as demand fails to pick up and confusion regarding the near-term movement of Ferro Chrome prices.
Weak demand has prompted the Ferro Chrome producers to hold their offers at current levels.
Inquiries for the commodity in domestic market remains moderate, while prices failed to move up remained unchanged at INR 68,000/MT (Ex-Odisha). Although, few major buyers were heard to be demanding the commodity at much lower levels.
Ferro Chrome demand from China is assessed to have picked up slightly before the Spring Festival. Moreover, diminishing Ore volume at Chinese ports and appreciated Yuan has prompted the country to import more, thereby resulting in Ferro Chrome prices moving upwards.
Market participants are on wait-and-watch mode as they are not sure whether Chinese Stainless steel mills will either reduce or roll over for February shipment.
Ferro Chrome export prices are assessed at 76 cents/lb CIF China, 80 cents/lb CIF Korea and 81 cents/lb CIF Japan. There has been an absence of bids and deals in Japan and South Korea.
On the future outlook, market participants are of the view that any advancement in Ferro Chrome prices is unlikely.
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