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Ferro alloys weekly: Domestic prices remain stable, chrome ore bucks trend

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Silico Manganese

BigMint Bureau

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18 Jan 2025, 13:41 IST

Ferro alloys weekly: Domestic prices remain stable, chrome ore bucks trend

OMC chrome ore auction bids dip for lower grades

Ferro silicon prices drop amid bid-offer disparity

Auctions to shape ferro chrome prices in coming days

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices were steady w-o-w at INR 98,800/t ($1,141/t) exw-Jajpur. The market was mostly muted last week as majority of participants awaited OMC's chrome ore auction results.

Yesterday, at OMC's chrome ore auction, 59,100 t were sold out of the 76,900 t offered. Prices for most grades fell by 4-7% (INR 801-1,306/t) m-o-m, while higher grades (48-54+%) rose a sizeable 29-39% (INR 7,237-7,785/t).

Baosteel, a major stainless steel producer in China, reduced its tender prices for January 2025 by RMB 400/t ($55/t) m-o-m to RMB 6,995/t ($955/t) DAP, including taxes.

Limited supplies keep manganese alloys prices steady

Indian domestic silico manganese prices dipped marginally by INR 260/t ($3/t) w-o-w to INR 69,300-70,500/t ($800-814/t) in key regions of Durgapur, Raipur and Vizag. A few deals were concluded at higher offers due to restricted supplies which shaped market prices later on. Manganese alloys export prices from India remained supported amidst the rupee (INR) depreciation against dollar and a slight pick-up in inquiries. Steel mills actively acquired material due to growing concern over potential price increase in imported manganese ore, which had already seen a slight upward movement in recent days. Increased manganese ore offers for February 2025 shipments from major players like Eramet and UMK might further push alloys prices upward.

Imported manganese ore prices inch up w-o-w

Prices of imported manganese ore (Mn 37-46%) edged up for all three grades w-o-w. Mn44% from Gabon stood at $4.40/dry metric tonne per unit (dmtu), up by $0.01/dmtu. Mn37% from South Africa was at $4.21/dmtu, up by $0.09/dmtu and Mn46% from Australia, at $4.54/dmtu CIF India, rose by $0.01/dmtu.

Ferro silicon prices inch down w-o-w

Indian ferro silicon prices came down slightly by INR 200/t ($2/t) w-o-w to INR 103,600/t ($1,197/t) exw-Guwahati . Prices were largely unchanged as routine trades were carried out in the market mostly at this month's announced offers from Bhutan. For bulk bookings, some relaxation was offered in prices but the market largely remained steady.

Ferro molybdenum prices edge up post-holidays

Indian ferro molybdenum prices inched up by INR 9,800/t ($113/t) w-o-w to INR 2,513,000/t ($29,025/t) exw-India. This was driven by increased market activities and trades post-New Year holidays along with strengthening of the US dollar. Around 40 t of spot material was traded in the previous week.

Stability in ferro vanadium prices

Indian ferro vanadium (FeV 50%) prices remained largely stable w-o-w, going down slightly by INR 3,200/t ($37/t) to INR 1,080,000/t ($12,474/t) exw-Raipur. The market remained subdued as inquiries were limited. Additionally high-priced transactions were lesser, resulting in stagnant supply-demand dynamics.

IEX spot prices fall w-o-w

Electricity prices on the Indian Energy Exchange (IEX) declined to INR 4.67/unit during the period from 12-18 January 2025, falling from INR 4.74/ unit in the previous week, reflecting a 1.5% w-o-w decrease.

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