India: Ferro Chrome Producers are Running Low on Inventory
Indian Ferro Chrome Producers have limited stock with them due to temporary discontinuation of Chrome ore dispatches in the Jajpur area. Producers are struggling to fulfill their pre-booked orders. Prices are increasing in line with the confluence of factors such as:
1) Uncertainty of availability of Chrome Ore in the domestic market,
2) Indonesia declared that Nickel exports would be banned from Jan 2020, Nickel Prices surged up, which in line gave some support to the continuously falling Stainless Steel Prices.
3) Transportation system remained affected in the major producing area.
Currently, domestic prices for Ferro Chrome in India is assessed at around INR 66,000-67,000/MT. 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 in the near future amid the inventory shortage scenario.
source: SteelMint
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