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India: Ferro chrome prices hold steady w-o-w amid cautious market sentiments

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Ferro Chrome

BigMint Bureau

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30 Jan 2025, 18:02 IST

India: Ferro chrome prices hold steady w-o-w amid cautious market sentiments

Indian stainless steel prices inch down

TISCO keeps tender price firm for Feb'25

Indian high-carbon ferro chrome (HC60%, Si:4%) prices remained largely stable, down slightly by INR 100/tonne (t) ($1/t) w-o-w as compared to the previous assessment on 22 January. Prices were steady amid cautious sentiments in the market; most buyers and sellers adopted a wait-and-watch mode.

Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 98,100/t ($1,133/t) exw-Jajpur, as per BigMint's assessment on 29 January. Trades for around 500 t were carried out within the price bracket of INR 98,500-102,000/t ($1,138-1,178/t) exw.

The low-silicon and low-carbon (C:0.1%) grades also remained steady w-o-w at INR 104,900/t ($1,212/t) exw-Jajpur and INR 207,800/t ($2,400/t) exw-Durgapur, respectively. For low-silicon high-carbon ferro chrome, deals for around 600 t were recorded at INR 102,500-105,000/t ($1,183-1,213/t) exw. For low-carbon ferro chrome, trades for approximately 400 t took place at INR 207,500-208,000/t ($2,397-2,403/t) exw.

Market summary (22-29 January 2025)

Caution surrounds market: The market showed signs of steadiness at around INR 98,000-98,500/t ($1,132-1,138/t) exw-Jajpur over this period, with cautious market participants staying on the sidelines and largely unwilling to engage in deals. Bulk bookings were absent, and fewer deals were finalised, mostly on need basis.

A source recently informed BigMint, "I am not selling anything currently. However, it has been more or less confirmed that prices are no longer at around INR 97,000/t ($1,121/t) exw."

Chinese tender prices remain stable: Following Tsingshan, Taiyuan Iron and Steel Corporation (TISCO) also kept its ferro chrome tender prices unchanged for February 2025 at RMB 6,795/t ($937/t) DAP, including taxes. The unchanged tender price could be attributed to a subdued ferro chrome market, which was under pressure due to sufficient domestic supplies and sluggish demand from stainless steel manufacturers.

The spot market did not see any significant material movement amid the approaching Lunar New Year holidays.

Domestic stainless steel market sees downtrend: India's prices of 304-grade stainless steel hot-rolled coils (HRCs) fell slightly by INR 1,000/t ($12/t) w-o-w to INR 179,000/t ($2,068/t) exw-Mumbai. Demand-wise, the market did not see much of an improvement, and participants stated that they were looking forward to the upcoming Union Budget, expecting it to bring opportunities through government infrastructure projects. Additionally, sellers had sufficient inventories lying with them, which further contributed to the weak demand for ferro chrome.

Outlook

The market is currently not seeing any significant movements. As a result, in the upcoming days, prices are expected to stay within the current range, with some slight variations.