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Although the production cost is very high, the price of Indian ferrochrome fell sharply by about 5,250 rupees/ton due to the fact that the producer had to reduce the quotation to reach a deal this week. The quotation of the smelter at Jajpur Smelter was about 99,000-100,000 rupees/ton, and 2,000 tons of transactions were recorded after the price was reduced. Due to the prevailing sales pressure, producers were forced to lower their prices. The ferrochrome market in China was still weak, the sentiment in the steel market was sluggish, the profit margin of producers was declining, and the trading atmosphere was deteriorating.
Therefore, the price of ferrochrome in the spot market is still under pressure. Chinese buyers seek materials from Indian sellers at a price lower than the domestic quotation. As a result, Indian smelters have no choice but to focus on the domestic market. As inventories continue to increase, prices fall.