Due to rising demand for ferrochrome, state-owned mining companies OMC raised the January bid base price for chrome ore.
OMC has raised its base price of 48-49.99% of its ore grade in the South Karipani mine to Rs .9,885/ton (USD 134.70/ton), an increase about 16% from Rs .8,465/ton in December last year. In addition, the company has raised the base price of the Sulanji ore grade 50-51.99% to Rs .10266/ ton, compared with Rs .8,817/ ton in December last year.
Market participants said rising demand for ferrochrome at home and abroad supported chrome prices, and producers further increased their offers as overseas demand increased.
Driven by rising global demand and rising stainless steel prices, India's ex-factory price of 60% chromium iron rose to 74,000-75,000 rupees per ton on January 7, the highest level in 22 months, up 3,000 rupees per ton from January 5. As China's demand rebounded, on January 7, ferrochrome assessment prices of 60-62% of Argus chromium rose to 73-74 cents / pound chromium from 72-73 cents / pound on January 5, China's CIF price.
The market participants expect that china's import demand will remain strong as electricity shortages limit ferrochrome production, production, increased production of stainless steel and the rising cost of coke raw materials also drive the risk of further upward price of ferrochrome.
Indian trading company MSTC today issued a tender for the sale of 35,100 tons of fragile chromium ore of 42-54% grade from South Kalayapani and Sulange for shipment in January. The company also sold 100,000 tons of chromium ore with a grade of less than 40% in the same tender.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!