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Weekly round-up: Ferro alloys market shows mixed trends

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Silico Manganese

BigMint Bureau

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9 Sep 2023, 15:56 IST

Weekly round-up: Ferro alloys market shows mixed trends

Indian ferro alloys market showed mixed trends this week with increased prices of silico manganese and diminished prices of ferro manganese and ferro chrome. However, prices stayed firm for ferro silicon.

Imported manganese ore prices remain flat

Imported manganese ore prices into India for Mn: 37-46% material remained unchanged this week. Prices of Mn37% were assessed at $3.70/dmtu, Mn44% at $4.50/dmtu, and Mn46% at $4.80/dmtu. All prices are CIF India.

IEX spot prices drop this week

According to Indian Energy Exchange (IEX), the weekly average spot price (3 September- 8 September) in the day-ahead-market decreased by 7% w-o-w to INR 7.93/unit as against INR 8.56/unit last week. The market witnessed a strong start to the week with prices touching upper ceiling of INR 10/unit during 3-4 September. However, prices gradually fell later to range of INR 5-8/unit on reduction in buy-to-sell side bids.

Silico manganese prices fall towards weekend

As of 9 September 2023, Indian silico manganese (60-14) prices hovered around INR 69,800-71,200/t exw Durgapur, Raipur, and Vizag. After witnessing an increase till mid-week, prices fell towards weekend. Increased inquiries and some bulk agreements overseas led silico manganese prices rise by INR 1,800/t w-o-w. Another driving factor for rise in silico manganese prices could be the hike in Indian steel prices, increased manganese ore prices by MOIL and concerns for supply and demand.

Ferro manganese prices down amid limited inquiries

Indian ferro manganese (HC70%) prices decreased by 100-300/t this week amid limited inquiries and increased demand for special steel. According to SteelMint, ferro manganese offers in Raipur and Durgapur on 7 September 2023 were at INR 69,800-70,500/t exw.

Resistance from stainless steel producers keeps ferro chrome prices under pressure

Lower bids by stainless steel traders and manufacturers resulted in ferro chrome (HC60%, Si:4%) prices to reduce by INR 2,000/t. The decreased prices were also fuelled by subdued export sentiments and add on supplies by new entrants. On September 8, SteelMint estimated high carbon ferro chrome (HC60%, Si:4%) prices at INR 116,500/t exw-Jajpur. Meanwhile, prices for high carbon low silicon ferro chrome (HC60%, Si: 2%) fell by INR 3,700/t w-o-w.

Awaited Bhutanese new offers cause ferro silicon prices to remain stable

Post release of prices by Bhutan this week resulted in ferro silicon prices to stay firm this week. Another dimension to look after this could be mixed trends of stainless steel market and the global backdrop. According to SteelMint, ferro silicon (Si:70%) prices were INR 105,000/t exw-Guwahati on September 2023. Minimum fluctuation is expected in near-term owing to early-month bookings.

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