India: Chrome ore dispatches remain relatively stable in Aug '21
Chrome ore dispatches from India increased 7%, m-o-m, to 291,254 t in Jul’21. The ferro chrome market kept trending down on limited demand in the domestic marke...
Chrome ore dispatches from India increased 7%, m-o-m, to 291,254 t in Jul'21. The ferro chrome market kept trending down on limited demand in the domestic market, though. Meanwhile, the Chinese market also turned cautious on higher tender prices in Aug and diverted material to the domestic market. This further pushed ferro chrome prices down with the smelters being cautious about increasing production.
In Aug'21, chrome ore prices were around 9% higher as compared to the previous month following an increase in ferro chrome prices in the beginning of the month. The ferro chrome smelters remained optimistic in the start of Aug, but the sentiments turned down after Chinese buyers refrained from booking.
Major buyers: Jindal Stainless, IMFA and VISA were the three major receivers of chrome ore in Aug'21. Jindal Stainless procured its entire quantity from OMC. Meanwhile, IMFA procured around 47% of the chrome ore from the captive mines and rest were from OMC and TATA Steel.
Tata Steel procured its full quantity through captive mines while FACOR procured the total volume from Tata Steel. VISA received its entire quantity from OMC.
Dispatches from Tata Steel showed a negative trend, as the same for its captive use and Nava Bharat ventures dropped. Meanwhile, the company's chrome ore dispatches to IMFA, Tirumala Balaji and Aarti Steel increased significantly.