Indian producers of Ferro Chrome cut offers to solicit trade as Chinese buyers looked for lower offers.
Domestic offer price for Indian High Carbon Ferro Chrome is down again from last week. The mainstream price of HC Ferro Chrome 60% min. is around INR 90,000 /MT (Ex-Works Odisha). A producer source remarked that the prices are under pressure as some producers are offering aggressively to clear their stock.
Export offers to China from Indian suppliers of HC Ferro Chrome eased to 100 cents/lb CFR China, down from 103 cents/lb in the previous week. In China, prices fell due to weak demand from stainless steel mills and abundant ferro chrome supply. Moreover, the market anticipated lower monthly ferro chrome tender prices from domestic mills.
There is downward pressure on Indian Ferro Chrome offers to China as more news emanates on Chinese stainless steel mills closing temporarily for maintenance or cut production in May. Market participants mostly attributed maintenance or lower production to very weak stainless steel demand.
In the absence of May bids from the mills, thin trading was recorded in Japan and South Korea as market participants awaited the release of Chinese tender prices.
In line with Chinese prices, offer price of high-carbon lumpy Ferro Chrome exported to Japan and South Korea also adjusted lower to 107 cents/lb and 106 cents/lb CIF.
Chrome ore prices also slipped due to easing demand from China. Buyers and sellers have both been reluctant to decide on prices, before tender prices are released by the mills.
Demand from overseas buyers for Indian Ferro Chrome remain scant and there is an absence of any major inquiries, bids and deals.
Leave a Reply