Go to List

India: Ferro chrome prices edge down on bid-offer disparities

...

Ferro Chrome
By
278 Reads
12 Sep 2024, 18:36 IST
India: Ferro chrome prices edge down on bid-offer disparities

  • Bids rise at Vedanta-FACOR's auction

  • Stainless steel prices register marginal drop

Indian high-carbon ferro chrome (HC60%, Si:4%) prices fell by INR 1,000/tonne (t) ($12/t) w-o-w as compared to the previous assessment on 4 September 2024. Prices saw a drop, as there was resistance from buyers towards higher offers.

Pricing trends

Domestic prices drop: As per BigMint's assessment on 11 September, Indian high-carbon ferro chrome (HC60%, Si:4%) prices stood at INR 106,800/t ($1,272/t) exw-Jajpur. Trades of over 2,500 t were reported to BigMint last week within the price bracket of INR 106,600-109,000/t ($1,269-1,298/t) exw.

Low-carbon ferro chrome (C:0.1%) prices also fell by INR 1,500/t ($18/t) w-o-w to INR 218,000/t ($2,596/t) exw-Durgapur. Meanwhile, high-carbon low-silicon ferro chrome (HC60%, Si:2%) prices were stable w-o-w at INR 114,500/t ($1,363/t) exw-Jajpur.

Export prices inch down: Ferro chrome export prices to China fell slightly by 0.75 cents/pound (lb) w-o-w to 94.25 cents/lb CNF Tianjin. For exports to South Korea, prices went down by 1 cent/lb w-o-w to 98 cents/lb CNF Busan.

Market summary

Prices show signs of steadiness: Out of deals totalling 2,500 t last week, 2,400 t were traded at INR 106,600-108,000/t ($1,269-1,286/t) exw. The market operated at these levels mostly, and FACOR's auction on 6 September also concluded at INR 107,000/t ($1,274/t) exw. Bids increased by INR 800/t ($10/t) as compared to the previous auction, reflecting positive shifts in the market.

A key domestic seller recently informed BigMint, "Material is readily available in the market at INR 107,000-108,000/t ($1,274-1,286/t) exw, but we will not sell anything at prices lower than INR 110,000/t ($1,310/t) exw."

China's market sees sluggish demand: Ferro chrome (HC60%) prices in China were unchanged w-o-w at RMB 8,600/t ($1,207/t) exw-Inner Mongolia. However, demand remained sluggish from the stainless steel sector, as they faced losses, sources informed. This made it difficult to bid higher prices for ferro chrome.

Stainless steel prices drop slightly: Stainless steel prices for 304 grade HRC went down by INR 1,000/t ($12/t) w-o-w to INR 182,000/t ($2,167/t) exw-Mumbai. With the continuous fall in London Metal Exchange (LME) nickel prices, stainless steel prices are expected to undergo corrections in the days ahead, and trading activities might stay moderate.

MoF extends CVD on Chinese, Vietnamese stainless steel imports

The Ministry of Finance (MoF), through a notification on 10 September 2024, has extended the countervailing duty (CVD) on welded stainless steel pipes and tubes from China and Vietnam. This measure aims to protect the Indian stainless steel pipe industry from subsidised imports, with a duty of 29.88% on Chinese products and up to 11.96% on Vietnamese imports, depending on the exporter. The move is expected to mitigate unfair trade practices and support domestic manufacturers in maintaining market competitiveness.

Outlook

Considering existing market conditions, prices are likely to stay steady in the days ahead with minimal variations.

12 Sep 2024, 18:36 IST

 

 

You have 1 complimentary insights remaining! Stay informed with BigMint
;