Indian Ferro Chrome market witnessed impairment in its demand while prices maintain stability.
Escalated prices of Ferro Chrome in China has lured its domestic producers back into operations, and this has resulted in demand for Indian origin Ferro Chrome demand from China to dwindle. As was forecasted by SteelMint in the previous week, Ferro chrome production in China has increased, hence, exerting pressure on Indian offer prices by virtue of lower demand.
Indian 60% High Carbon (HC) Ferro Chrome price was assessed at 78 cents/lb CIF China, unchanged from last week. There is downward pressure on HC Ferro Chrome due to rising production of the Alloy. In line with the same, spot price of Indian HC Ferro Chrome offers to Japan and South Korea remains unchanged at 88 cents/lb CIF Japan and 87 cents/lb CIF South Korea. However, demand from overseas buyers remain scant and there is an absence of any major inquiries, bids and deals.
Domestic offer price for High Carbon Ferro Chrome is unchanged from last week. The mainstream price of HC Ferro Chrome 60% min. is around INR 67,000/MT (Ex-Works Odisha).
The bullish sentiment in the Ferro Chrome market seems to have been shaken, and most market participants hold a wait-and-watch notion, which could pull down prices.
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