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Weekly round-up: Ferro alloys market shows mixed trend amid low demand

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Ferro Manganese
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23 Sep 2023, 13:37 IST
Weekly round-up: Ferro alloys market shows mixed trend amid low demand

Indian ferro alloys markets displayed mixed sentiments this week, with prices for silico manganese and ferro silicon decreasing and prices of ferro manganese remaining firm. However, ferro chrome prices climbed because of strong demand and the liquidity crisis globally.

Imported manganese ore prices firm

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 fall

According to Indian Energy Exchange (IEX), the weekly average spot price (17 September-23 September) in the day-ahead-market extended its fall by dropping sharply by 16% w-o-w to INR 4.87/unit as against INR 5.77/unit last week. The downtrend was supported by gradual improvement in supply position. Overall, bids for power sell were on the higher side than the buy bids this week.

Silico manganese prices drop

As of September 22, Indian silico manganese (60-14) was trading at roughly INR 68,000-69,500/t exw Durgapur, Raipur, and Vizag. Prices declined by INR 1,100/t due to dampened demand and declining raw material prices. The prime reason behind the drop was bid-offer disparity in the international market as a result of rising electricity prices and liquidity issues.

Ferro manganese prices slump

Prices for Indian ferro manganese (HC70%) decreased this week amid liquidity issues and weak demand for special steels. According to SteelMint, ferro manganese offers in Raipur and Durgapur on 22 September were INR 68,500-69,800/t exw.

Ferro chrome surges post OMC auction

On 22 September, Indian ferro chrome (HC 60%, Si:4%) prices surged INR 11,000/t following the much-awaited OMC auction on 18 September which fetched a 77% premium over the base price. This resulted in increased manufacturing costs which drove prices higher. On 22 September, SteelMint assessed Indian ferro chrome (HC60%, Si:4%) prices at INR 127,000/t exw-Jajpur.

Ferro silicon prices tumble

Prices of Indian ferro silicon (FeSi:70%) tumbled due to low demand and ample supply in the market. The declining value of the Japanese yen impacted ferro silicon demand from Japan's steel industry. The price of ferro silicon in India on 22 September was assessed at INR 104,000/t exw-Guwahati. Prices are anticipated to move down in the near term unless there is a noticeable hike in demand for stainless steel.

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23 Sep 2023, 13:37 IST

 

 

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