India: Ferro Chrome Prices Falls Amid Lacklustre Demand
Ferro Chrome prices fell again this week due to thin buying interest from Stainless Steel mills. Producers are reluctant to buy Ferro Chrome at higher prices and are asking for much lower prices.
SteelMint assessed that many traders are lowering offers to entice buyers but the market is in stalemate and no one is interested in buying at this moment – expecting prices to correct further. Demand in China, Japan and South Korea is also very low and buyers are not accepting the current offer prices despite the correction. Indian buyers have maintained their offers to Japan and South Korea, but there is an absence of bids and deals in the market.
Ferro Chrome is being offered at INR 73,000/MT in the domestic market. Export prices for CNF South Korea (10-50mm, HC 60%) is 85 cents/lb, for CNF Japan(10-50mm, HC 60%) is 86 cents/lb and for CNF China(10-150mm, HC 60%) is around 82-83 cents/lb.
Chinese Market:
Prices of Ferro Chrome fell in the Chinese market after a few Chrome Ore traders with high inventory reduced their prices to entice buyers but they are afraid as they believe that the prices may fall further. Chinese Stainless Steel mills showed hesitancy in restocking Ferro Chrome as they already have sufficient material and they are worried about piling up stocks amid sluggish Stainless steel market. A few market participants are holding back from offering before the next Ferro Chrome tender prices are released by the major Stainless Steel mills.
On the future outlook, it is expected that the prices may further fall down owing to low demand. Many Chinese traders expect the tender prices of Ferro Chrome for May to drop by at least RMB 300/MT due to a bearish Stainless Steel Market.
source: SteelMint
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