Indian Ferro Chrome prices have come further down in the domestic market owing to the persistent sluggish market demand. The prices are down by INR 1000/MT in the domestic market.
Indian Ferro Chrome producers are offering at 68,000 INR/MT in compliance with the continuous low demand. Moreover, the major buyers are still making it difficult for the producers as they want it at much lower prices. However, prices remain unchanged for the export market amid the low global demand.
Chinese Market Scenario
A bearish stainless steel market in China has been detrimental for the Ferro Chrome suppliers as they have been witnessing little or no demand for the commodity from China. Sources state that China is quite content with its inventory for Ferro Chrome and very less likely to be dependent on imports in the near future. Most market experts believe that demands from China will be at low levels until the culmination of the Spring Festival.
However there’s limited scope with regards to the export prices correcting due to the appreciation of rupee against USD. In addition, the selling price the producers are offering at present is very close to the Cost of Production.
On the Future outlook, most market participants hold a negative outlook towards the future market trend.
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