Weekly round-up: Ferro alloys market shows mixed trends
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The Indian domestic ferro alloys market witnessed a combination of trends this week. Manganese alloys prices remained firm, supported by steady export demand, ongoing negotiations, and stable bids while ferro chrome prices experienced a hike due to increased production costs. Ferro silicon prices decreased slightly, primarily due to limited trading activities.
Imported manganese ore prices stable
Imported manganese ore prices into India for Mn: 37-46% material remained stable w-o-w. Prices of Mn37% were assessed at $3.75/dmtu, Mn44% at $4.6/dmtu, and Mn46% at $4.95/dmtu. All prices are CIF India.
Global miners - South32 and Comilog - have reduced manganese ore offers m-o-m for September shipments.
IEX power prices decreases
According to the Indian Energy Exchange (IEX), the weekly average spot price (23 July- 29 July) in the day-ahead-market decreased by 14% w-o-w to INR 4.399/unit as against INR 5.090/unit last week. The exchange saw a decline in trading activities against the backdrop of stable power consumption. Besides, an uptick in thermal power generation also reduced the gap between buy-sell prices.
Silico manganese prices remain stable
According to SteelMint assessment, silico manganese (60-14) offers hovered at INR 65,200-67,000/t exw in Raipur, Durgapur and Vizag on 28 July 2023, unchanged w-o-w due to low trading activity. Prices are expected to remain stable in the short run since sellers are unwilling to decrease prices further.
Ferro manganese prices steady, demand dull
Low export inquiries and a lacklustre demand for special steel have kept Indian ferro manganese (HC70%) prices steady w-o-w. On July 28, 2023, offers were somewhere between INR 67,500-68,000/t exw in both Durgapur and Raipur.
Ferro chrome prices rise post-OMC auctions
Indian ferro chrome (HC60%) prices were at INR 104,000/t exw-Jajpur on 27 July, rising by INR 6,000 /t w-o-w after experiencing a seven week decline. The upswing was driven by high production costs after strong prices were seen in the Odisha Mining Corporation's (OMC's) recent chrome ore auction on 20 July. China's optimistic market outlook had also a positive effect, leading to a surge in export offers, which in turn boosted domestic prices.
Ferro silicon prices drop on sluggish demand
As of 28 July, SteelMint's assessed ferro silicon (70%) prices at INR 105,300/t exw-Guwahati, dropping by INR 1,900/t w-o-w. The decline in prices is attributed to subdued demand and ample material availability in the market. Furthermore, an anticipation of lower price announcements from Bhutan in the upcoming month led buyers to hold back on bookings, resulting in sluggish demand this week.
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