The spot price of 60-65% Indian-origin high carbon lumpy ferrochrome imported into Japan fell to 95-99 cents/lb CIF Japan Thursday, the lowest since February 2010, on the back of a global slowdown of stainless steel productions, Platts assessments showed.

The spot price for Indian-origin high carbon ferrochrome was assessed at 101-105 cents/lb CIF Japan last week. One Indian producer, however, cut offers to 99 cents/lb CIF Japan late last week, said a trader in Japan Friday.

There was no deal reported this week as consumers had enough supply from their long term contracts, sources said.

"Our run rates [for the current quarter] has stayed lower than planned, so we have not been able to consume what we have bought [from term contracts]," said a source at a Japanese mill. The mill was running at a 60-70% rate, he said.

Traders said prices are likely to fall further next week, amid lackluster demand and oversupply in Asia, as seen from falling prices of chrome ore.

A Seoul-based trader said Cr2O3 chrome ore with 42%-chrome content from Turkey was offered at around $250/mt CIF China this week, down from $260-265/mt a month ago.

South African chrome ore, with similar chemical composition, was quoted at $200/mt CIF, said a Japan-based trader. There is no buyer for ore either, as port stocks at Chinese ports are high, traders said.