High carbon ferro chrome market continued to remain static amid slack activity, as lower prices failed to entice buyers.
Indian high carbon ferro chrome market remains flat. Currently, (60% grade) is being traded at around INR 64,500/MT (Ex-Works Odisha) and INR 66,000 (Ex-Raigarh). No substantial price movement was seen in the Indian high carbon ferro chrome market, with sources continuing to credit the lack of transaction as the main reason behind the flat price trend. Also demand from stainless steelmakers is presently low.
“Demand has been limited and there has been no real activity for such a long period,” remarked a producer from Odisha.
The short-term expectation is for prices to remain under pressure and further downward price movements is still possible, on the back of slow ferro chrome demand worldwide.
Chinese Market
The spot price of Indian-origin high carbon ferro chrome (58-60% Cr) was assessed at 78.5-80 cents/lb CIF China. No deals could be confirmed this week, but most buyers and sellers continued to indicate the tradable price in the above range.
“Chinese buyers are not willing to buy imports still. We don’t know how the market will turn out later,” stated a trader from India.
Japanese Market
The spot Japanese import market for high-carbon ferro chrome stood at 83 cents/lb CIF main port, dipping marginally from 84 cents/ lb last week.
Exchange Rate: USD 1 = INR 63.9
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