Weekly round-up: Downward trend in Indian ferro alloys market amidst all-time low demand

The Indian ferroalloys market remained sluggish, influenced by weak demand both domestically and globally. The market experienced resistance from buyers due to the unappealing acceptance of higher prices. While ferro silicon prices held steady, there was a decline in prices for ferro manganese, silico manganese and ferro chrome. Conversely, ferro molybdenum prices saw an increase during the week.

Imported manganese ore prices remain firm w-o-w

Prices of imported manganese ore Mn: 37-46% remained almost stable this week with marginal fluctuations. Prices of Mn37% were assessed at $3.75/dmtu, Mn44% at $4.5/dmtu, and Mn46% at $4.65/dmtu. All prices are CIF India. As overall global demand and prices stayed uncertain, manganese ore prices remained moderate. Furthermore, India's manganese ore import shipments declined by 54% as a result of low demand for manganese alloys and decreased steel mill consumption.

IEX spot prices down w-o-w

Weekly average spot price (5 November-11 November) in the day-ahead-market on the Indian Energy Exchange (IEX) dropped by 8% to INR 4.28/unit as against INR 4.67/unit last week. Availability of surplus power supply compared to purchase bids pulled down prices this week. On absolute term, sell-side bids at the exchange increased by 5% w-o-w, while purchase bids dropped by 5%.

Silico manganese prices fall amid drop in global and domestic enquires

Silico manganese prices further dropped this week as there were liquidity issues in domestic market due to elections and festive season. Additionally, the demand for Indian material in importing countries remained good but there was less acceptance towards higher offers. Furthermore, domestic billet prices decreased by INR 1,450/t w-o-w to INR 40,950/t. As of 10 November, 2023, Indian silico manganese (60-14) down by INR 700/t traded at around INR 62,400-63,300/t exw Durgapur, Raipur, and Vizag.

Ferro manganese prices drop amid dull demand

Prices of ferro manganese (HC70%) decreased by INR 300/t this week amid dropped demand for special steels. According to SteelMint, ferro manganese offers in Raipur and Durgapur on 9 November were at INR 63,550-64,100/t exw.

Ferro chrome prices at 3-month low amid fallen stainless steel prices

On 9 November, prices of Indian ferro chrome (HC 60%, Si:4%) reduced by INR 2,600/t to INR 105,700/t exw-Jajpur as stainless steel prices in India for 304 and 316 grades fell by INR 7,000/t and INR 10,000/t w-o-w to INR 192,000/t and INR 330,000/t exw-Mumbai, respectively. It is expected that prices might see some correction in the near future post-OMC's chrome ore auction in November.

Indian ferro silicon prices stay constant on stable demand

Prices of Indian ferro silicon (FeSi:70%) stayed constant this week as the demand was well supported by regular trades. Prices are expected to stay range-bound, as the market may experience a slowdown due to the ongoing festive season. According to SteelMint, prices of ferro silicon in India on 10 November hovered at INR 102,750/tonne (t) exw-Guwahati.

With an ease in market conditions ferro molybdenum prices rise

Indian ferro molybdenum prices inched up by INR 15,000/t this week as, the market witnessed an uptrend and the enquires improved. The prices are anticipated to stay range-bound in the near term. As of 9 November, 2023 , Indian ferro molybdenum prices stood at INR 2,440,000/t exw-Nagpur on 60% pro rata basis.

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