Buyers and sellers have both been reluctant to decide on prices, before tender prices are released by the Stainless steel mills for Aug’17.
In China, spot prices are under pressure due to the reduced dependency on imports by Chinese traders and abundant ferro chrome supply. The recent rise in Ferro Chrome prices prompted several producers in China to come back into operations. Moreover, the market anticipates lower monthly ferro chrome tender prices from the Stainless steel mills in China.
There is downward pressure on Indian Ferro Chrome offers to China as more news emanates on possible environmental checks of Chinese stainless steel mills. Currently, Indian Ferro Chrome is being assessed at around 78 cents/lb CIF China, with no deals reported in this week so far.
Offers from Indian suppliers were reported at 88 cents/lb CIF Japan and 87 cents/lb CIF S.Korea respectively.
Indian producers of HC Ferro Chrome have been unable to raise offers in the domestic market owing to persistent lack of market activity.
The mainstream domestic price of HC Ferro Chrome 60% min. is stable at around INR 67,000/MT Ex-Odisha.
The prices were mainly in line with market expectations, with most participants expecting the Ferro Chrome market to be maintain stability.
Leave a Reply