India: Ferro chrome producers willing to sell at lower prices in the domestic market
Indian Ferro Chrome industry depends equally on the export market, and with the export demand dipping, the producers are shifting to the domestic market. Few small producers are willing to reduce their prices to much lower levels to cope up with the cash crunch situations. Due to the scarcity of market transactions and the pressure on some factories, the ex-factory price of HC Ferro Chrome in the domestic market moved down by around INR1500/MT.
The Stainless Steel stocks are backlogged, the sales are slow and the mills have sufficient Ferro Chrome inventory, the pricing scenario is tightened by such factors in the domestic and global market.
Currently, the domestic price for Ferro Chrome in India is assessed at around INR 67,500-68,500/MT. However, a few producers are concluding deals at prices below such levels also, as they are in urgent need of cash. Offers for CNF South Korea (10-50 mm, HC 60%) is at around 74 cents/lb, CNF Japan (10-50 mm, HC 60%) is at 75 cents/lb and for CNF China the prices are at around 71 cents/lb.
On the future outlook, the prices seem to continue at lower levels in line with tepid demand and sluggish stainless steel market.
source: SteelMint
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