India: Ferro Chrome Prices Close to the Bottom
Indian Ferro Chrome prices are close to the bottom levels, and Ferro Chrome producers are filled with hope, that the prices may increase by next month. Producers are positive that with global Chrome Ore prices not falling further and Stainless Steel prices rising in China Ferro Chrome prices may also increase.
Moreover, with the down-trending market conditions for Ferro Chrome, few Ferro Chrome producers in India who are dependant on merchant miners for Chrome Ore are shifting to the Silico Manganese Production. Thus, there are high chances that such factors would contribute to reduced supply of Ferro Chrome in the market and this would lead to an increase in its prices.
A Durgapur Producer shared with steelMint that they have partially shifted to the Silico Manganese production as the international market is closed till mid-Jan and the chances of an increase in demand remain tepid. However, due to such switching in the domestic market and reduction of Ferro Chrome Production in China, the market may witness a scarcity of Ferro Chrome post-holidays.
A Jajpur based producer shared his views on the present Chrome Ore price situation and said that the Ore prices are continuously high and a producer without captive mine is in a very difficult position as the prices are below the cost-line. Meanwhile, he also shared that the prices may hit back as the Chrome Ore availability is soon going to take a hit with the expiry of merchant mining leases.
In Jajpur, producers are offering Ferro Chrome at INR 59,000/MT Ex-Jajpur. In the export market, the prices fell in line with reduced demand and thin trading activities. Offers for CNF South Korea (10-50 mm, HC 60%) is at around 64 cents/lb, CNF Japan (10-50 mm, HC 60%) is at 65 cents/lb and for China, the prices are at around 61 cents/lb CNF. In the past week, major Chinese Stainless Steel mills released their January Ferro Chrome purchase price, which is down by RMB200/MT M-o-M.
On the future outlook, producers are pessimistic about the overall market conditions for Ferro Chrome, meanwhile, they also hope that the Ferro Chrome prices may improve with the reduction in the production quantity of Ferro Chrome.
source: SteelMint
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