South African Chrome Ore prices raised significantly, and deals were concluded in the range of USD 160-165/MT CIF China. South African producers cut production levels due to high costs during winter months and the low market price in the recent past.
SteelMint learned from market sources, that Indian producers are hoping for a number close to 75 cents/lb CIF China. However, deals likely to be concluded at around 72 cents/lb CIF China.
Market participants are however cautious as they feel the recovery in Ferro Chrome and Chrome Ore prices could be short-lived unless there is sustained evidence of Stainless Steel demand picking up.
SteelMint assessed that the July tender prices from Chinese stainless steel mills will set the direction for the market. However, the tender price is not expected to be released before mid-July.
Demand for Indian-origin Ferro Chrome strengthened from other Asian countries, in line with rising offers to China. Although no big deals have been heard in the market yet. Prices in Japan remained unchanged at around 81 cents/lb, CIF, as prices in South Korea rolled over at 80 cents/lb CIF. Both markets have seen limited spot activity in recent months.
Third Quarter 2017 Ferro Chrome Price Announced
The European benchmark Ferro Chrome price for the third quarter of 2017 has been settled at 110 cents/lb, down from 154 cents/lb price in the second quarter.
Domestic Ferro Chrome Price
Domestic offer price for High Carbon Ferro Chrome has witnessed a slight fall, as the sharp rise in offers did not find acceptance. Also, news of a major bulk deal concluded at INR 60,500/MT pulled back offer prices. The mainstream price of HC Ferro Chrome 60% min. is around INR 63,000/MT (Ex-Works Odisha).
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