Ferro Chrome prices were stable as demand continues to remain subdued. However,the recent proposal by Indian trade ministry to impose an anti-dumping duty on Stainless steel coming from China, Malaysia & South Korea will be a positive sign for Indian Ferro Chrome manufacturers.
High Carbon Ferro Chrome market was mostly steady with lack in buying. Currently, 60% grade is being traded at around INR 68,000/MT (ex-Odisha) and INR 69,000/MT (ex-Raigarh). For bulk orders Ferro Chrome is being traded at INR 67,000- 67,500/MT (Ex-Odisha).
Looking at the market condition, a producer from Odisha remarked “Demand has been poor over many months and prices seem to be flattening out.But there is some chatter of prices coming down due to lack of deals.”
Market sources reported that with the year-end coming close, Ferro Chrome prices were likely to remain stable, at least until March.
Falling South African Currency to benefit Producers
In the Asian market, spot High-carbon Ferro chrome prices are still looking for a direction. Expecting low supply in the next quarter given the unstable power supply situation, S. African producers are eyeing higher prices. But, falling South African currency might also allow them to cut prices if required. S. African current Rand corrected over 7% in last one month.
Indian imports of charged chrome are observed at 81-82 cents/lb on CIF India basis. Imports attract an import duty of 5%.
Exchange Rate : USD 1 = 62.7
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