India: Ferro Chrome Prices Under Pressure Amid Sluggish Market
Indian Ferro Chrome stoops to new low in this week. Prices have been gradually falling down since last month due to low demand. Producers reported that the market is more inclined towards the buyers side.
A few buyers and traders are asking the material at much lower prices. Producers of Ferro Chrome are facing difficult times in the current Stainless Steel market scenario. Prices of Ferro Chrome are continuously falling in China, which is putting a lot of pressure on the Indian Producers. However, a producers stated that they are waiting for the next Ferro Chrome tenders and are optimistic that the prices should not fall further than such low levels.
Demand remains low in both domestic and global market as well. Domestic Prices fell to INR 68,000/MT Ex-Jajpur. Major buyers were interested in procuring the material at much lower levels at INR 65000/MT, but producers reported that such low levels are almost impossible to trade at. Prices in export market also fell by 1cents/lb for Japan and South Korea and were at 80cents/lb CNF South Korea (10-50mm, HC 60%) and CNF Japan (10-50mm, HC 60%). For China the offers were made in a range of 76-77 cents/lb CNF China (10-150mm, HC 60%).
On the future outlook, prices are to remain at similar levels. Producers said that any further fall is highly unlikely, but are also pessimistic about any redemption of prices. Producers are also waiting for the next Chinese Ferro Chrome tenders which may put an impact on the Indian market.
source: SteelMint
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