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[Ferro-Alloys.com] The recent firming up of ferro-chrome prices globally is likely to lift prices in the Indian market also

Indian Metals and Ferro Alloys Ltd (IMFA), the Odisha-based value-added producer of ferro-chrome, hopes to maintain EBITDA margins at around 25 per cent for two more quarters, that is April–June and July-September of this fiscal, despite bearish sentiments in commodity markets globally.

Ferro-chrome is primarily used in making stainless steel.

Over the last few weeks, prices have firmed up globally, and this is likely to percolate into the Indian market also, said Prem Khandelwal, Chief GCS, CFO & Company Secretary, IMFA.

If ferro-chrome continue to quote at around Rs 1,20,000 per tonne, then “maintaining the EBITDA run rate” of FY22 is possible, “at least for the first two quarters of the current fiscal” he said.

In Q4FY22 (January–March) ferro chrome prices dropped to Rs 106,000/ tonne versus the previous quarter’s (Q3FY22) Rs 116,000/ tonne.

“We are witnessing a firming up of prices in international markets. Our offerings are benchmarked to international prices. We hope that the average price of our offerings is in the Rs 120,000/ tonne range or better. If that happens, then maintaining last year’s run rate, in terms of earnings before interest, depreciation, tax and amortisation (EBITDA) is possible for Q1 and Q2 FY22,” he told BusinessLine.

Indian ferro-chrome prices tend to be slightly higher than the global benchmark.

“The current situation is a bit too volatile to make bold predictions, at least beyond two quarters,” Khandelwal added.

Supply constraints in South Africa, a key producer, and an upswing in coal prices, raise hopes for prices to firm up in the later quarters of the fiscal.

With China, the world’s biggest consumer, coming out of Covid, spot trades are likely to resume. Given the high cost of production in China, Khandelwal expects some demand to emerge towards the end of June.

Demand in both domestic and overseas markets is limited.

Meanwhile, the export tariff on stainless steel could reduce production in the short term and, therefore, demand from the stainless steel mills may edge lower. “We do not expect export duty on steel and stainless steel to have a huge impact,” Khandelwal said.

For FY22, the company reported a revenue of Rs 2,603 crore and a PAT of Rs 508 crore.

Price Movements

Currently the Indian ferro chrome market is more reliant on domestic demand.

According to SteelMint data, on May 26, ferro chrome smelters offered material at around Rs 118,000–Rs 120,000/tonne ex works - Odisha in the domestic market. (Ex works is a shipping arrangement where a seller makes goods available to a buyer, who then pays for transport costs).

“A bearish stainless steel market is pushing sellers to close sales aggressively, but deals are currently not taking place,” the report said. On account of weak domestic demand, stainless steel prices of 304 grade CRC fell by around Rs 15,000/t week-on-week to Rs 265,000/t exw-Mumbai.

• [Editor:tianyawei]