High carbon ferro chrome prices were unchanged as buying interest remained weak coupled with swelling stocks. Market outlook remained bleak.
SteelMint assessed ferro chrome 60% grade is being offered at around INR 59,000/MT (ex-works Odisha).
Sources remarked that producers are under pressure to reduce their stock. Ferro chrome producers expressed concern prices might continue to go down in view of the weak stainless steel market. An Odisha based ferro chrome producer stated, “It seems that the outlook for ferro chrome market is quite dim as both domestic and overseas demand is poor.”
Market expects ferro chrome demand to remain lackluster in the near-term on prevailing weak stainless steel market and high inventory.
Chinese Ferro Chrome Import Prices Down
Chinese ferro chrome import prices fell following a plunge in nickel prices earlier this week.
Two Chinese stainless mills cut December purchase price indications by 5%-6% from
November following the plunge in London Metal Exchange nickel prices to USD 8,150/MT.
Baosteel’s December purchase price indication stood at RMB 5,620/MT (67 cents/ lb excluding local taxes), while the indication from another mill based in Shanxi province was at RMB 5,420/MT (64 cents/lb), according to market sources.
Indian producer are rejecting bids below 68 cents/lb CIF China.
SteelMint assessed the spot price of 48%-52% charge chrome at 64-70 cents/lb CIF China, down from 69-70 cents/lb a week ago. The 58%-60% Indian high-carbon ferrochrome was assessed at 68-69 cents/lb CIF China, down from 69-70 cents/lb a week ago.
Japanese Import Prices Unmoved
Japan’s spot ferro chrome import price remained unchanged at 71-72 cents/lb CIF Japan amid an absence of deals, offers or bids, but Japanese stainless steel scrap prices held steady as lower bids were rejected on tight supplies.
“Buyers are expecting lower prices so there is no buying interest today,” said one Japanese trader.
Exchange Rate : USD 1 = INR 66.6
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