India: Ferro Chrome Prices Surges Up In Line With International Prices
Indian Ferro Chrome prices increased owing to higher Nickel prices and the improved Stainless-Steel prices in recent weeks. Ferro Chrome producers are relieved by the uptrend in the prices of Nickel and Chrome Ore and commented that now they are optimistic that the prices may have bottomed out for now and that the aggressive fall in prices has stopped. Overall prices of Ferro Chrome has increased in line with Chinese prices.
Domestic Prices for Ferro Chrome in India is assessed in the range of INR62,000-62,250/MT. However, a few producers are quoting at higher prices. Export offers also increased in line with increased nickel prices. Offers for CNF South Korea (10-50 mm, HC 60%) is at around 73 cents/lb, CNF Japan(10-50 mm, HC 60%) is at 74cents/lb and for CNF China the prices are at around 70 cents/lb
Chinese Market:
Prices of Chrome Ore from South African Origin are slightly up after a long time down market in line with the stable operations in Ferro Chrome plants and appreciated Rand value. Producers reported that Ferro Chrome Prices have also boosted up in the past few days due to increased Nickel Prices and Power Limit policy in the main producing area of China. On 23rd July, Chinese Department of Commerce announced Anti-Dumping against Stainless Steel from EU, Korea and Indonesia, which also favoured domestic prices. Producers are optimistic that the rise in prices prior to the release of tenders for purchase of Ferro Chrome may affect the SteelMills and they may hike the prices for the upcoming tenders.
On the future outlook, Ferro Chrome prices are likely to redeem owing to improving demand for Stainless Steel in China and a lot will also depend on the next month’s tender prices.
source: SteelMint
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