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PrintIndian ferrochrome prices leapt again this week by INR 2,000/t owing to a severe supply crunch. Not long ago, the domestic producers were battling the chrome ore supply shrinkage causing the chrome ore prices to reach its peak. The repercussions can be seen now in the ferrochrome production.
Meanwhile, prices of silicomanganese escalated to almost similar levels as ferrochrome, attracting Durgapur producers towards silicomanganese and thereby reducing production volume of ferrochrome. However, due to increased chrome ore prices in the previous auctions, producers were compelled to reduce the chrome ore buying to sustain the long down-trending ferrochrome market.
However, now the situation has eased up as demand from China has rebounded post New Year holidays. This rebounding can be attributed to two reasons, firstly, increased power tariffs due to winter season and secondly, forced power cuts. Both of these resulted in increased production cost and reduced volume. Thus, it was more preferable for China to import ferrochrome rather than to cater from the domestic market.
Meanwhile, due to increased freight cost worldwide and the ongoing container shortage, imports from South Africa and Kazakhstan have suffered. Kazakhstan has also reported shortfall in the production quantity and most of the producers are out of stock, which acted as a catalyst to the increased prices for ferrochrome in the country. India is the highest preferred country for China to import ferrochrome.
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- [Editor:Catherine Ren]
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