Indian Ferro Chrome Price Sinks Amid Trade Concluded at Lower Levels
Ferro Chrome prices have hit the bottom amid low demand in the domestic and global market as well. Prices for Ferro Chrome are falling aggressively amid bearish market sentiments. Market participants believe that the prices are highly affected due to lowered Chinese Tender Prices.
China is procuring Chrome Ore from South Africa at a lower cost and is producing Ferro Chrome at ample amount. Due to this, the pressure is building up on the sellers for selling the product. Indian major Ferro Chrome producers reported that there are very few inquiries from the global market and they are also demanding material at much lower prices. Most market participants believe that the market in the present scenario is a buyer’s market, and the buyers are aggressively bidding at lower levels. SteelMint learned that the producers are stressed as they fear that if the prices continue to fall at this pace, they may have to switch to other commodities.
Domestic price for Ferro Chrome in India is assessed to at around INR 66,000/MT Ex-Jajpur. Export prices for CNF South Korea (10-50mm, HC 60%) is 75 cents/lb, for CNF Japan (10-50mm, HC 60%) is 76 cents/lb and for CNF China (10-150mm, HC 60%) is around 72 cents/lb.
On the future outlook, there is a very little chance of Ferro Chrome market to rebound. Deals are being concluded at lower than the cost to keep up with the market. Such a fall in prices is attributed to the supply-demand dynamics. Market sources believe that the prices may go further down due to the lowered Chinese Prices of Ferro Chrome and willingness by Ferro Chrome producers to cut offers to conclude deals.
source: SteelMint
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