Indian Ferro Chrome Market Finally Settles After a Period of Continuous Fall
The prices were mainly in line with market expectations, with most participants expecting a stable market after lower than expected fall in Chinese Stainless Steel mills' December tender price.
Confidence appeared to be returning to the domestic Ferro Chrome market, with prices having settled at last week’s level. The mainstream price of HC Ferro Chrome 60% min. is ranging from INR 70,000/MT (Ex-Works Odisha). A trader source remarked, “Producers are trying to offer at higher prices now in order to take advantage of the improved market sentiment, but buying activity is pretty sporadic still.” Another producer source remarked “Our feeling is that prices will remain more stable now since the US dollar has declined somewhat in the past few days, but we can’t say exactly how the market will react.”
Chinese Market
Indian suppliers have decided against reducing offer prices further following the recent appreciation of the Rupee against the Dollar, but sources highlighted that most Chinese buyers considered 75 cents/lb CIF too high.
Spot prices for imported Ferro Chrome into China remained unchanged W-o-W. Export offers to China for Indian-origin HC Ferro Chrome (58-60% chrome) is at around 74-75 cents/lb CIF China main-ports same previous week. Few market participants expect support for Ferro Chrome spot prices in China after China’s stainless steelmakers reduced tender prices by just RMB 50/MT. Whereas, few others believe that Chinese Stainless steel mills have sufficient Ferro Chrome inventory with them, not having much interest in procuring, and that's why have only marginally reduced the purchase price.
On the near-term outlook, demand is unlikely to rise and future price trend would be influenced largely by the exchange rate rather than demand.
source: SteelMint
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