Indian ferrochrome prices increased further by INR 5,000/t owing to a surge in demand from China. Ferrochrome prices in China are continuously increasing by around RMB 100/t each day on account of increasing captive production cost. Higher electricity tariff is becoming detrimental to the domestic producers and is making imports a cost-effective alternative.
Prices of chrome ore from South Africa increased substantially by $10/t mainly due to freight costs increasing three folds and also better prices of ferrochrome in China.
Meanwhile, in India some producers are holding on to their stocks as they believe that prices will increase further as the Chinese market is bullish.
- Ex-Jajpur: INR 80,000/t;
- Ex-Durgapur: INR 80,000/t;
- CNF China: cents 79/lb;
- CNF South Korea: cents 80/lb; and
- CNF Japan: cents 81/lb
With increasing inquiries from China, Ferrochrome prices are expected to increase further in the coming weeks.