Indian ferrochrome sellers continue to cut prices

China's price drop and a long-term lack of transactions, once again triggered a decline in Indian ferrochrome prices. Local demand is also not good enough to support prices. So far, Indian suppliers have not been able to achieve sales of high-carbon ferrochrome (60%Cr; 6-8%C; 4%Si) of the transaction. Due to the reduction of production by many large steel mills, the situation of China's ferrochrome market continues to deteriorate. Indian alloy quotes fell by an average of $0.02 / lb Cr to $0.97- $0.99 / lb Cr CIF this week. Due to the unfavorable situation of the stainless steel market in Korea and Japan, there is still no interest in purchasing Indian ferrochrome from these two countries. However, last week quotes for these markets were updated for the first time in a long time, falling from $1.07-1.09 / lb Cr CIF to $1.04-1.09 / lb Cr CIF. Also, due to the wait-and-see attitude of European buyers, some Indian sellers have significantly reduced their offers. Metal Expert understands that several deals have been struck in the market for 2%Si alloys at prices of $1.1- $1.11 / lb Cr CIF. Quotes for 3% silicon alloys fell to $1.04-1.07 / lb Cr CIF (previously $1.05-1.09 / lb Cr CIF).However, due to limited supply, prices for 1.5%Si alloys remain high at $1.21- $1.23 / lb Cr CIF (- $0.01 / lb Cr). 

In the coming months, demand in the Indian domestic market will remain moderate, but due to the downward price trend in the Chinese market, local sellers have had to reduce their offers by Rs 1,500 / ton to 108,000-109,000 (USD 0.96- USD 0.965 / lb Cr). We add that currently China's high-carbon ferrochrome (50%Cr; 6-8%C) is quoted at $0.94- $0.95 / lb Cr EXW.