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India: Ferro Chrome Producers Raise Offers

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Ferro Chrome
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10 Jan 2018, 17:25 IST
India: Ferro Chrome Producers Raise Offers

Indian producers raised their offers in line with rising Chrome Ore prices but witnessed limited trading in the overseas market.

Ferro Chrome offers in the domestic market has been raised in line with high Chrome ore prices. Moreover, higher offers are slowly but surely getting accepted in India.

"Producers are low on inventory and most of them are booked for January shipments," said a producer. He claimed to have concluded a deal at INR 80,000/MT to a trader who is an exporter. However, he said that he was surprised as well after the deal as Chinese counter offers are way lower than the same.

Steelmint assessed Ferro Chrome prices at around INR 78,000/MT (Ex-Odisha) and few producers were also heard to be quoting at INR 80,000/MT, but finding acceptance at such price is also tough.

A source revealed to SteelMint that the large players in India are targeting overseas market for the realization of their bulk commodity but small-scale sellers are focusing on domestic market due to better realization value.

"Chrome Ore prices went up aggressively in recent days but an expected rise in Ferro Chrome price in China did not happen," said a source expressing his surprise on the scenario. He added that the prices have not been established in China yet and negotiations have been ongoing.

A downward correction in the overall ferroalloy market in China has created a bearish sentiment and the counteroffers from the region are way lower than the current level, making it difficult for sellers to conclude deals.

However, contradicting the same, a source said that Chinese buyers have been busy inquiring for material, as they wish to finish stocking before the Chinese New Year holidays.

Export offers are assessed at 90 cents/lb CIF China, 93 cents/lb CIF Korea and 94 cents/lb CIF Japan.

There has been a difference in pricing opinion of the commodity which has created a confusion and market participants are reflecting mixed sentiment. Amid such scenario, the prices are expected to remain unchanged as sellers are unwilling to lower their offers.

FeCr1 India: Ferro Chrome Producers Raise Offers

10 Jan 2018, 17:25 IST

 

 

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