India: Ferro chrome prices remain stable w-o-w amid steady trading activity

• Tsingshan, TISCO raise May26 tender price by RMB 100/t ($15/t)
  
  
• Import concerns, slow demand pressure stainless steel segment
  
  

Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices remained largely stable w-o-w on 29 April 2026, up slightly by INR 500/t ($5/t) from 22 April. Prices were supported by stable offers from sellers and routine trading activity.

As per BigMints assessment on 29 April, high-carbon ferro chrome (HC 60%, Si: 4%) prices in India were INR 118,000/t ($1,237/t) exw-Jajpur. Deals for around 3,200 t were concluded last week within the price bracket of INR 117,000-119,000/t ($1,227-1,248/t) exw.

However, prices of low-silicon high-carbon ferro chrome (HC 60%, Si: 2%) and low-carbon ferro chrome (C: 0.1%) fell by INR 1,000/t ($10/t) and INR 2,000/t ($21/t) w-o-w to INR 123,000/t ($1,290/t) exw-Jajpur and INR 239,000/t ($2,506/t) exw-Durgapur, respectively.

Market updates (23-29 April 2026)

Consistent buying keeps prices firm: Indias ferro chrome market remained steady last week, supported by consistent buying activity across both spot and auction segments. Out of the total 3,200 t traded, around 1,500 t were booked in the spot market within the range of INR 118,500-119,000/t ($1,242-1,248/t) exw, which helped maintain firm prices. Sellers continued to hold their offers steady amid this demand support.

In the auction segment, Vedanta FACOR conducted a sale on 24 April, where the larger lot (Cr: 56% min, 10-150 mm) achieved an H1 price of INR 116,800/t ($1,225/t) exw, an increase of INR 800/t ($8/t) over the base price. Meanwhile, Odisha Mining Corporation (OMC) sold 500 t (Cr: 60-64%, 10-100 mm) at the base price of INR 117,500/t ($1,232/t). Overall, the market reflected stability with regular buying interest.

Chinese tender prices rise: Major stainless steel mills of China, Tsingshan and TISCO, both raised their tender prices for May 2026 deliveries by RMB 100/t ($15/t) m-o-m to RMB 8,495/t ($1,242/t) and RMB 8,295/t ($1,213/t) DAP, including taxes.

Domestic Chinese prices, however, remained stable last week, as high chrome ore costs balanced weak demand from buyers. Chrome ore prices remained firm due to strong overseas supplier sentiment and high mining and transport costs, which kept producers' offers steady. However, demand from the stainless steel sector was slow, with mills buying only as needed and holding enough inventory. Lower tender prices and cautious purchasing limited overall trading activity. Going forward, prices are likely to remain stable, though slight downward pressure may persist due to weak demand.

End-user market trends: Prices of 304-grade stainless steel hot-rolled coils (HRCs) inched down by INR 3,000/t ($31/t) w-o-w to INR 214,000/t ($2,244/t) exw-Mumbai. Buying activity remained cautious, especially for the 300-series, as relaxed quality norms may allow more imports.

Nickel prices stayed firm, keeping production costs high. Uncertainty around Indonesia's ore policies supported nickel prices, with expectations of further hikes if supply remains tight. Globally, stainless steel producers increased May surcharges, showing ongoing cost pressures.

Flat product prices showed mixed trends. 304-grade prices fell slightly, while 316-grade prices increased. Demand remained weak as buyers delayed purchases, expecting price corrections due to easier import rules. Imports may increase, especially in the 200 series, putting some pressure on domestic prices. Long product prices stayed strong due to high alloy costs and steady demand.

Overall, prices are expected to remain stable, supported by strong raw material costs despite import pressure.

Outlook

Ferro chrome prices in the coming week are likely to stay at current levels owing to stable trading activity.