Domestic High Carbon Ferro Chrome prices remain unmoved as buying sentiment muted.
Indian High Carbon Ferro Chrome market condition remains unchanged with trading activity being quiet overall. Current price for HC Ferro Chrome (60% Grade) is settled in the range of INR 71,500/MT (Ex-Works Odisha) and INR 71,500-72,000/MT (Ex-Raigarh). High Carbon (HC) Ferro Chrome market is relatively calm for the past few weeks with participants describing spot trading activity as sporadic & slow.
[su_quote]“Trading activity was scant in the week gone by and so prices have remained unchanged. The market is dormant for the past one month”, stated an Odisha based trader.[/su_quote]
Chinese Market
The domestic spot price of High Carbon Ferro Chrome (50% Cr) in China was at RMB 6,750-6,900/MT (84-86 cents/lb). The price has been steady since 18 Dec, 2013.
Meanwhile, the spot price of Indian origin High Carbon Ferro Chrome (58-60% Cr) was assessed unchanged at about RMB 6,750-6,900/MT CIF China W-o-W on Friday. No deals could be confirmed. The spot price for South African charge chrome (48-52% Cr) imported into China was assessed at 84-85 cents/lb CIF China, up from 83-84 cents/lb CIF a week ago.
Japanese Market
The spot price of HC Ferro Chrome (62-65% Cr) imported into Japan was assessed unchanged at 88-90 cents/lb CIF Japan W-o-W, amid thin trade.
Japanese mills were running at high rates, but using term options to increase volumes, rather than buying spot, said by the traders. Two Indian sellers reported that no deal done this week.
[su_quote]Meanwhile, one Indian producer said, “A deal was possible at 88 cents/lb CIF Japan, if the shipment was to a main port. Our prices to China are 84-85 cents/lb CIF, and freight costs 2-3 cents/lb more to Japan.”[/su_quote]
Indian domestic Chrome ore prices are on the rise, following results of the monthly sell tender from state-run Orissa Mining Corporation (OMC).
Market sources expect to see clearer price trends in the coming week as more Chinese participants return to the market. SteelMint learned from market sources that domestic Ferro Chrome prices were expected to rise in the near term with the upsurge in Chrome ore prices.
Exchange Rate: USD 1= INR 62.15
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