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Weekly round-up: Ferro alloys market shows mixed trends

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Ferro Manganese

BigMint Bureau

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30 Dec 2023, 17:01 IST

Weekly round-up: Ferro alloys market shows mixed trends

Ferro chrome prices hit a two-month high on supply constraints

Domestic silico manganese prices continue to fall due to fluctuations in domestic steel prices

Downturn in domestic steel prices causes Indian silico manganese prices to drop

As domestic steel demand fell, Indian silico manganese prices fell by INR 700/t ($8/t). For the time being, India's exports have ceased, and trading has been limited to the domestic market, causing prices to fall. Based on current market conditions, SteelMint believes that prices will remain in this range only in the short term. Meanwhile, the domestic billet index was INR 39,150/t ($470/t) ex-Raipur, down INR 650/t ($8/t). Indian silico manganese (60-14) was trading at about INR 64,100-64,800/t ($770-$778/t) exw Durgapur, Raipur, and Vizag on 29 December, 2023.

Ferro manganese prices stable on cautious market

Prices of ferro manganese (HC70%) remained firm this week because of the moderate demand of mild steel. The traders were also vigilant while making deals and trades. According to SteelMint, ferro manganese offers in Durgapur and Raipur on 29 December were INR 64,100- INR 64,500/t ($770-$775/t) exw.

Imported manganese ore prices consistent w-o-w

Prices of imported manganese ore Mn: 37-46% remained constant this week. Prices of Mn37% were assessed at $3.65/dmtu, Mn44% at $4.3/dmtu, and Mn46% at $4.6/dmtu. All prices are CIF India. Meanwhile, imported manganese offers have also remained uninterrupted w-o-w.

IEX spot prices climb up

Spot electricity prices (24 December-30 December) in the day-ahead-market at the Indian Energy Exchange (IEX) went up by 14% w-o-w to INR 5.47/unit against INR 4.81/unit last week.

Amid supply constraints, ferro chrome prices flourish w-o-w

On 29 December, prices of Indian ferro chrome (HC 60%, Si:4%) boosts by INR 1,100/t ($ 13/t) w-o-w to INR 111,000/t ($1,333/t) exw-Jajpur. The prices swung up because there was a shortage of material in the market and a significant number of inquiries led the prices to wave up. However, stainless steel prices for 304 dropped by INR 3,000/t ($36/t) w-o-w to stand at INR 175,000/t ($2,102/t) exw-Mumbai. The market was slow due to little purchasing activity.

Indian ferro silicon prices stay largely stable on consistent market atmosphere

Prices of Indian ferro silicon (FeSi:70%) remained sturdy with a minor drop by INR 100/t ($1/t). Every month-end brings a similar pattern in ferro silicon prices with minor changes. This week trades stayed firm as they waited for upcoming price announcements which resulted in prices to remain stable. According to SteelMint, prices of ferro silicon in India on 29 December were at INR 101,700/t ($1,222/t) exw-Guwahati.

Ferro molybdenum prices decline amid festival holidays

Indian ferro molybdenum prices lowered by INR 75,000/t ($1000/t) this week as this year approached towards an end and festive holidays impacted the trade activities too which resulted in declined prices. Commencement of a new year might see a change in the current price levels. As of 27 December,2023, Indian ferro molybdenum prices stood at INR 2,370,000/t ($28469/t) exw-Nagpur on 60% pro rata basis.

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