- Indian Ferro Chrome Prices Hit all Time High
- Chinese Prices Rise on Falling Supply from South Africa
Indian high carbon Ferro Chrome (FeCr) producers continue to raise their offers on strong buying from China. Prices have hit 4-years high (since SteelMint has been tracking Ferro Chrome prices).
Indian FeCr prices are highly influenced by global prices, as 50% of Indian production goes for exports.
60% FeCr is currently being offered at Rs 80,000/MT (Ex-Works). This is equivalent to 0.91 c/lb or USD 1210/MT.
Trade sources report some transactions taking place even at higher levels. There are mixed sentiments in the market. Domestic buyers are reluctant to buy at these prices. On the other hand, strong buying from China supports domestic offers.
China Domestic Prices Rise
Chinese domestic ferro chrome prices have increased by RMB 2,000/MT in last one month. Current prices are at around RMB 8200/MT (USD 1260/MT , 0.95-0.96 c/lb) including VAT of 17%.
Indian manufacturers mention that they have orders from Chinese buyers at around 0.90-0.92 c/lb. However Japanese and Korean buyers remain hesitant to take positions at these levels.
“We have sold some cargo to China at 0.92 c/lb (which is equivalent to USD 1216). We are expecting prices to go up further in coming weeks.”said an exporter based in east India.
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