A marginal price cut was reported in the Indian High Carbon Ferro Chrome market so far this week, with many sources reporting limited activity in the market. It is expected that the market will remain quiet in the next week or two. 

Current price for HC Ferro Chrome is around INR 71,000-71,500 /MT (Ex-Works Odisha) for 60% Grade. The price of HC Ferro Chrome in Raigarh is trading around INR 72,000 – 72,500 /MT.

A Ferro Chrome exporter and producer from Kolkata remarked, “There is unlikely going to be a large swing in market conditions and sentiments in the next week or two, as I believe that the market is still waiting for the producers to strike Q1 deals with the end-users, which will set the basis or reference for the spot market.”

Overseas Market

Domestic spot prices of High Carbon Ferro Chrome (50% basis Cr) in China eased to Yuan 6,800-7,000/MT (84-87 cents/lb), on a delivered basis including 17% VAT. This is down from Yuan 6,850-7,000/MT a week ago on low demand from the stainless steel sector and production restarts in Inner Mongolia. The spot price for Indian-origin High Carbon Ferro Chrome (58-60% Cr) is at 84 cents/lb CIF China, marginally down from last week. However it is unclear whether the price cut is because of low demand or typically for year-end.

Steel Mint assessed that the spot price of HC Ferro Chrome is expected to hold steady through the end of the next week, as first quarter and annual contract remains focus of the market.

Exchange Rate: USD 1= INR 62.13