India: Ferro Chrome Price Increases on Currency Depreciation
Indian Ferro Chrome Prices have gone up in the recent past few weeks owing to better realizations in the export market along with higher Nickel prices and improvement in demand from Stainless Steel.
Although higher prices have found acceptance as production levels in the country has reduced and many producers reducing their allocations in the domestic market. However, demand remains sluggish and the producers are struggling to conclude deals. A Ferro Chrome producer revealed to SteelMint that inquiries are coming from the export market but the deals are hard to conclude as the devalued Chinese Yuan has put pressure on the importers in the said country to reduce their purchase price to compensate against the prevailing exchange rate. A producer stated that they are willing to cut down the prices for exports in line with the recent currency exchange rate adjustments. Chinese producers are however at bay due to falling Yuan values and are restricting themselves from importing till they have clarity on what direction is the yuan going to take.
Domestic Prices for Ferro Chrome in India is assessed in the range of INR63,000-64,000/MT. However, a few producers are quoting at higher 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 71 cents/lb.
On the future outlook, the prices may remain stable for the time being with minor fluctuations. Producers are sitting with inventory and therefore, further price rise is difficult to fathom.
source: SteelMint
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