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Weekly round-up: Ferro alloys market remains uncertain amid low demand

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Manganese Ore

BigMint Bureau

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16 Sep 2023, 16:48 IST

Weekly round-up: Ferro alloys market remains uncertain amid low demand

Indian ferro alloys market showed mixed sentiments this week with stable prices of ferro manganese, silico manganese and ferro silicon. However, prices dropped for ferro chrome. These mixed trends were because of the overall global and domestic demand.

Imported manganese ore prices remain consistent

Imported manganese ore prices into India for Mn: 37-46% material stayed firm with slight changes. Prices of Mn37% were assessed at $3.70/dmtu, Mn44% at $4.45/dmtu, and Mn46% at $4.75/dmtu. All prices are CIF India.

IEX spot prices lower in this week

According to the Indian Energy Exchange (IEX), the weekly average spot price (10 September-16 September) in the day-ahead-market plummeted by 37% w-o-w to INR 5.77/unit as against INR 7.93/unit last week. Following a robust surge in which prices reached the upper limit many times last week, demand for power purchases has slowed due to the cooler weather. Notably, the spread between buy and sell bids fell to 1.3 this week, down from 2.3 earlier.

Soft demand causes silico manganese price range-bound

As of 15 September, 2023, Indian silico manganese (60-14) was trading at roughly INR 68,700-70,200/t exw Durgapur, Raipur, and Vizag. Prices remained range-bound amid subdued domestic demand and limited deals for overseas markets. Down by INR 1,100/t w-o-w. After rising early last week, prices fell towards the weekend.

Limited inquiries led ferro manganese prices to remain constant.

Prices for Indian ferro manganese (HC70%) remained stable this week amid limited inquiries and modest demand for special steel. According to SteelMint, ferro manganese offers in Raipur and Durgapur on 8 September, 2023 were INR 69,300-70,400/t exw.

Ferro chrome prices down amid non-acceptance of higher offers

Since the last evaluation on 7 September, Indian ferro chrome (HC 60%, Si:4%) prices have decreased by INR 2,500/t w-o-w because of higher bids and lower prices in the Chinese market. On 13 September, SteelMint assessed that the price of Indian ferro chrome (HC60%, Si:4%) was INR 116,000/t exw-Jajpur.

However, the Odisha Mining Corporation (OMC) has raised the base price for its upcoming auction of 96,800 t of chrome ore from the South Kaliapani and Sukrangi mines on 18 September, 2023 by approximately INR 725-2,000/t (12-13%).

Indian ferro silicon stays constant amid drop in demand

Prices of Indian ferro silicon (FeSi:70%) remained constant this week due to low demand and plenty of inventory in the market. According to SteelMint, the price of ferro silicon in India on 15 September was INR 105,000/tonne (t) exw-Guwahati. Bhutan's pricing, on the other hand, has reduced by INR 700/t w-o-w, with prices now standing.

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