India: Lack of Triggers to Pull Ferro Chrome Prices Up
Indian Ferro Chrome prices are down for the third straight week owing to persistent low demand.
Ferro Chrome prices are under pressure worldwide. Producers reported that the gains in Stainless Steel prices since Nov’18 are all lost and the current stainless steel market is making the Ferro Chrome producers highly pessimistic about their product in the market.
SteelMint assessed that market participants are waiting for the Chinese Stainless Steel mills to declare the Tender price for May, and the Chinese buyers have stopped procuring material at any price. Most market participants expect the purchase prices to be down by 300 RMB/MT. Producers in India are concerned as the Shutdown will be inevitable, if the Ferro Chrome prices in China is reduced and the Chrome ore prices remains stable in the next auction. With the falling Ferro Chrome prices, the margin of profit is highly reduced. Major producers believe that the prices should come down in the next round of Chrome Ore auction.
Domestic prices for Ferro Chrome in India is assessed to be in the range of INR 72,500 - 73,000/MT. Export prices for CNF South Korea (10-50mm, HC 60%) is 84 cents/lb, for CNF Japan(10-50mm, HC 60%) is 85 cents/lb and for CNF China(10-150mm, HC 60%) is around 81 cents/lb.
On the future outlook, there is a very little chance of market to stabilize in the near future. Any comments can be made only after the Chrome ore Auctions. Chrome Ore prices are keeping the producers far away from optimism.
source: SteelMint
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