India: Ferro chrome prices remain stable w-o-w amid limited market movement

• Bids at Vedanta auction settle slightly above base price
  
  
• Stainless market mixed as flats prices weaken, longs firm
  
  

Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices remained stable w-o-w on 8 April. Prices were unchanged as market conditions stayed largely muted, with limited domestic buying.

High-carbon ferro chrome (HC 60%, Si: 4%) prices in India were at INR 117,000/t ($1,262/t) exw-Jajpur, as per BigMints assessment on 8 April. Deals for around 1,100 t of deals were concluded last week within the price range of INR 116,000-118,000/t ($1,251-1,272/t) exw.

Low-silicon high-carbon ferro chrome (HC 60%, Si: 2%) prices too were unchanged w-o-w at INR 122,000/t ($1,316/t) exw-Jajpur. On the other hand, low-carbon ferro chrome (C: 0.1%) prices increased by INR 3,000/t ($32/t) w-o-w to INR 233,000/t ($2,513/t) exw-Durgapur. As per sources, prices increased mainly due to a rise in raw material costs, particularly silico chrome.

Market recap (2-8 April 2026)

Market remains steady amid thin activity: Indian ferro chrome prices remained largely steady w-o-w, with many buyers continuing to stay away from active procurement amid expectations of softer prices. The absence of any major market developments also kept prices unchanged. Due to limited domestic buying interest, key sellers diverted a portion of their material towards export markets to maintain sales momentum.

One major domestic consumer floated an inquiry for around 3,000 t and indicated to BigMint that it expects prices to fall to INR 116,000/t ($1,251/t) exw or lower.

Meanwhile, at Vedanta-FACORs latest ferro chrome auction, the larger lot (Cr: 56% min, 10-150 mm) was booked at INR 116,000/t ($1,251/t) exw, slightly above the base price, while the smaller lot concluded at INR 116,600/t ($1,258/t) exw. Despite the lower-grade material offered, bidding levels suggest a disconnect between buyers' expectations and sellers' offers, highlighting cautious sentiment across the domestic market.

Chinese prices remain stable: Ferro chrome (HC60%) prices in China were unchanged w-o-w at RMB 9,000/t ($1,317/t) exw-Inner Mongolia. Prices were supported by high chrome ore costs, although trading activity remained slow due to weak stainless steel demand and cautious market sentiment. The domestic market showed balanced supply and demand, with producers keeping offers firm as raw material costs stayed elevated and spot availability remained tight. Chrome ore prices remained firm as overseas suppliers maintained offers and steady plant operations supported ore consumption.

However, smelter profit margins remained under pressure from rising input costs. Demand was mixed, with stainless steel output slightly lower due to maintenance shutdowns, leading to cautious buying. In the near term, prices are expected to remain stable with limited upside.

Indian stainless steel market shows mixed trends: Prices of 304-grade stainless steel hot-rolled coils (HRCs) were unchanged w-o-w at INR 217,000/t exw-Mumbai. The flats segment lost momentum after a recent rally, while longs prices remained firm on better demand. Market sentiment weakened following the US-Iran ceasefire, leading buyers to expect a short-term price correction, especially in flats. Demand for finished flats stayed subdued, keeping benchmark prices largely unchanged as buyers adopted a wait-and-watch approach. Policy changes, including a temporary BIS exemption for certain imports, may ease supply conditions.

In contrast, longs witnessed stronger bookings and improved consumption. Export activity remained weak due to high freight costs and global uncertainty, keeping the near-term market outlook cautious and range-bound.

Outlook

Ferro chrome prices in the coming days are expected to stay at current levels, as sellers in the market are not willing to reduce prices further despite buyers expecting price corrections.