Weekly round-up: Ferro alloys market stable amid mixed trends

The ferro alloys market showed mixed trends this week, Manganese ore prices fluctuated mostly in response to muted demand of manganese alloys.

Manganese ore
Global manganese ore imports fell by 3% w-o-w to $4.35/dmtu for grade 37% while grade 44% prices inched down by 3% to $5.65/dmtu and grade 46% by 3% to $6.05/dmtu. Overall, Manganese ore prices were sluggish due to weak sentiment in downstream alloys.

IEX power prices
According to IEX (Indian Energy Exchange) weekly average spot prices (21 August- 27 August) in day ahead market increased by 12% w-o-w to INR 5.196/unit as against INR 4.660/unit in last week. The resumption of industrial activity post-monsoon lifted spot electricity demand. This further supported the prices.

Silico manganese
Exported silico manganese (60-14 grade) prices range bound w-o-w to $971/t and 65-16 grade were offered at $1,074/t at Indian ports amid lack of demand and inquiries from importing countries. Meanwhile, domestic silico manganese prices remained stable at INR 78,040/t ex-Durgapur, INR 78,660/t ex-Vizag and INR 78,980/t ex-Raipur.

Ferro manganese
Exported ferro manganese prices were stable with marginal fluctuations. Weekly average prices for HC 70% were at $1,003/t, and up 1% to $1,070/t for HC 75% grade. However, domestic ferro manganese prices were stable to INR 80,140/t ex-Durgapur and by 2% to INR 80,625/t ex-Raipur.

Ferro chrome
Indian ferro chrome prices were at around INR 94,500/t exw-Jajpur, assessed on 26 August, remained stable amid moderate demand this week and even small quantities of material were booked only by buyers who had exhausted their stocks. Furthermore, producers also kept ferro chrome prices flat this week due to stable stainless prices.

Ferro silicon
According to SteelMint assessment on 26 August, ferro silicon (70%) offers were at around INR 150,000/t exw from both Guwahati and Bhutan, remained rangebound this week amid moderate demand as domestic producers began booking material for next month as they expect the price of ferro silicon in India to remain firm in coming weeks.

Trade
SteelMint recorded around 8,200 t of bulk ferro alloys deals this week, out of which manganese alloys deals accounted for 5,700 t, ferro chrome 1,500 t, and ferro silicon 1,000 t.

Tenders and auctions

• MOIL booked 1,500 t of HC ferro manganese (70-72%) and 350 t of slag at close to the floor price during the auction conducted on 24 August.
  
  
• Arcelor Mittal Nippon Steel India (AM/NS India) floated a supply tender for 2,000 t of medium-carbon ferro manganese (10-50 mm, Mn min 78%, C 1.5%) from its Gujarat-based plant. The last date for bid submission was 27 August.
  
  
• Rashtriya Ispat Nigam Ltd (RINL), invited bids for procurement of 2,200 t (10-100 mm) of HC ferro chrome (60%) for six months (October 2022-March 2023). The last date for bid submission is 29 August.