Weekly round-up: Ferro alloys prices drop, noble alloys exhibit reverse trend

• Silico manganese prices decline to 1-month low
  
  
• Ferro chrome prices largely stable on limited demand
  
  
• Ferro molybdenum prices increase on supply shortage
  
  

Silico manganese prices fall on need-based procurements

Silico manganese prices in India fell by INR 4,950/t ($60/t) to INR 82,300-83,800/t ($991-1,009/t) exw across major markets. Prices fell due to need-based procurements in the domestic market. Additionally, the reluctance to acquire at current rates put additional strain on silico manganese smelters that are already struggling in a shrinking market.

Meanwhile, the domestic steel billet index stood at INR 44,400/t ($535/t) exw-Raipur, down by INR 350/t ($4/t) w-o-w on 25 May at 11:43 hrs.

Ferro manganese prices down

Ferro manganese (HC70%) prices declined by INR 2,800/t ($34/t) in Raipur, reaching INR 88,200/t ($1,062/t) exw. Meanwhile, in Durgapur prices also declined by INR 3,300/t ($40/t) to INR 88,800/t ($1,069/t). Prices decreased as only need-based buying was seen and buyers were hesitant in accepting higher quotes.

Imported manganese ore prices inch up

Prices of imported manganese ore (Mn37-46%) edged up this week. Prices of Mn37% (South African origin) were assessed at $6.45/dmtu, up by $0.05/dmtu; Mn44% of Gabonese origin stood at $7.15/dmtu, up by $0.1/dmtu, while Mn46% of Australian origin stood at $7.6/dmtu, up by $0.05/dmtu. All prices are CIF India.

Meanwhile, cargo arrivals for manganese ore declined by 22% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices inch down

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) stayed steady, with a slight decline of INR 200/t ($2/t) on 24 May, settling at INR 106,300/t ($1,280/t) exw-Jajpur . Prices stayed stable because the market did not show any significant improvement in demand.

Additionally, all 67,300 t were sold at OMC's chrome ore auction, with bids dropping m-o-m for most grades. However, the ferro chrome auction received subdued response and was concluded at the base price.

Prices for 304 grade stainless steel went up by INR 5,000/t ($60/t) w-o-w, reaching INR 182,000/t ($2,186/t) exw-Mumbai.

Ferro silicon prices decrease

Indian ferro silicon (FeSi:70%) prices fell by INR 1,100/t ($13/t), settling at INR 99,300/t ($1,196/t) exw-Guwahati on 24 May. Meanwhile, Bhutan's prices were also down by INR 1,100/t ($13/t), reaching INR 98,300/t ($1,184/t) exw. Prices decreased because there were lesser enquiries which resulted in fewer offers.

Ferro molybdenum prices increase

Domestic ferro molybdenum prices rose by INR 128,000/t ($1,541/t). As on 24 May, prices stood at INR 2,771,000/t ($33,363/t) exw-Nagpur on a 60% pro rata basis. Prices increased as there were reports of material shortage across the globe.

However, the London Metal Exchange (LME) saw little change in pricing w-o-w, with a $0.09/pound increase to $21.89/pounds.

Ferro vanadium prices inch up

Indian ferro vanadium prices inched up amid limited availability of V2O5 (vanadium oxide). FeV 50% prices were around 1,200,000-1,235,000/t ex-works (50% prorate). Notably, the price rise was also due to a slight uptick in raw material prices leading to a marginal increase in cost of production. However soft demand protected prices from rising sharply.

IEX spot prices move up

Spot electricity prices at the Indian Energy Exchange (IEX) witnessed a sharp rise this week to INR 5.63/unit during 19-25 May compared to INR 4.98/unit last week. Amid intense heatwave conditions prevailing in different parts of the country, bids for power purchase increased by around 22% w-o-w.

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