Ferro Chrome offers registers an upward correction as demand from China rises ahead of their Lunar New Year holidays.
“Ferro Chrome offers have been moving northwards on constant high Chinese demand, as they are replenishing their inventory before the lunar year,” said a producer hinting a further increase in offers in near term.
“Demand from China is stable but Europe has been a new market for Indian producers as well,” said another producer who claimed to have concluded much better deals with the latter at 104-105 cents/lb CIF Europe.
SteelMint assessed Ferro Chrome offers at 96-97 cents/lb CIF China, while some sellers are observed to be quoting higher. Demand from Japan is soft but Indian sellers have been quoting 101 cents/lb CIF Japan and 100 cents/lb CIF Korea.
Demand for Ferro Chrome in domestic market remains firm as prices edged up in line with global offers. Domestic offers for the commodity is assessed at INR 81,000-82,000/MT (Ex-Odisha), while few sellers claimed to have concluded deals at higher prices for a smaller quantity.
On the future outlook, market participants are confident to find acceptance for their higher quotations but as the Chinese market closes, the trend may turn flat.
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