According to Mining News Pro -Indian Ferro Chrome market stagnates on difference in price ideas between buyers and sellers.
“Demand from China remains dull even post festive season and Chinese buyers have been negotiating at around 84 cents/lb, in line with the tender price set by stainless steel mills. However, Indian producers are unwilling to go below 87 cents/lb,” said a producer source from India discussing the confusion created in the market.
SteelMint learned that the difference in price ideas between buyers and sellers has created a stand-off between the two, and deals are hard to conclude.
“Considering the high Chrome Ore price in India coupled with depreciated INR, the sellers are encouraged to quote higher despite limited demand,” said a source expressing his concern.
Another source revealed that a difference in price opinion has led to a wait-and-watch mode in Ferro Chrome market as both the sides are static on their decision.
Steelmint assessed Ferro Chrome prices at 84 cents/lb CIF China, 87 cents/lb CIF Japan and 86 cents/lb CIF Korea.
In line with the overseas offers, domestic prices also remained unchanged at INR 85,000/MT (ex-Odisha). However, some producers are also quoting higher levels due to expensive Chrome Ore, therefore, creating irregularities.
On the future outlook, Ferro Chrome prices are expected to maintain stability unless the market gets a clear direction.
