High Carbon Ferro Chrome prices declined on weak market sentiment and ample supply. Market sources reported of sapped trading activity, as most buyers expressing a strong preference to stay out of the market.
Recently, prices declined in the domestic market on bearish sentiment and thin trading. Current price for HC Ferro Chrome (60% Grade) is INR 70,000/MT (Ex-Works Odisha), down by INR 1,000/MT from last week prices. In Raigarh, prices stand at INR 72,000/MT. Indian producers have not raised their prices for HC Ferro Chrome although OMC has increased their prices for Chrome ore. To consummate trade, Indian producers have decided to cut the prices. Market sources reported that there is surplus stock available in the market for which prices have gone down. Along with this, the export market is also dormant with no trading activity.
[su_quote]“There is no good news at all. Nobody is keen on buying materials at this time”, remarked a trader from Odisha.[/su_quote]
On the future outlook, SteelMint learned from Market participants that the overall market sentiment is quite negative. Indian producers for Ferro Chrome are quite hesitant in increasing rates looking at the prevailing market condition. Most market sources reported that for March market condition to remain as it is now and improvement may happen only in April.
Exchange Rate: USD 1= INR 61.11
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