India: Ferro Chrome Prices Remain Flat Amid Depressed Market Conditions
Indian Ferro Chrome Prices are at almost the same levels as last week. Ferro Chrome prices have hit the bottom amid low demand, both in the domestic as well as the global market.
Prices for Ferro Chrome have been falling aggressively amid bearish market sentiments. Producer sources revealed that most plants are selling below their Cost price. Producers are trying to maintain the prices, but few producers are underselling to compensate with the selling pressure. SteelMint learned that plant shutdown cannot be ruled out unless producers can procure Chrome Ore at much more reasonable levels.
Domestic price for Ferro Chrome in India is assessed to at around INR 64,000 - 65,000/MT Ex-Jajpur. Export prices for CNF South Korea (10-50mm, HC 60%) is 74 cents/lb, for CNF Japan (10-50mm, HC 60%) is 75 cents/lb and for CNF China (10-150mm, HC 60%) is around 70 cents/lb. Market sources confirmed that despite reduced prices, the demand in the domestic market is moderate and inquiries from export market remain low.
On the future outlook, it is highly unlikely that the Ferro Chrome market will rebound in the coming month. Such a scenario is attributed to supply-demand dynamics. Chinese Producers are sitting with high inventory and owing to the sluggish Stainless Steel Market conditions, redemption looks unlikely anytime soon. Market sources believe that the prices may continue to be at such levels, as there is no further room to reduce prices. Meanwhile, it is important to keep an eye on the Chinese tender prices for July purchase, as that will set the tone for the month.
source: SteelMint
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