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Weekly round-up: Ferro alloys prices exhibit mixed trends

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Silico Manganese

BigMint Bureau

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12 Aug 2023, 17:23 IST

Weekly round-up: Ferro alloys prices exhibit mixed trends

This week, the Indian ferro alloys market displayed positive trends. Stable manganese ore prices were supported by firm manganese alloys prices, reflecting favourable sentiments in the China market. Furthermore, the surge in stainless steel demand led to hikes in ferro chrome and ferro silicon prices.

Imported manganese ore prices firm

Imported manganese ore prices into India for Mn: 37-46% material remained stable w-o-w amid moderate demand. 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.

Additionally, Chinese prices of manganese ore stayed firm over the past week due to positive sentiment in the domestic market.

IEX spot prices jump

According to Indian Energy Exchange (IEX), the weekly average spot prices (6-12 August) in the day-ahead-market rose 54% w-o-w to INR 6.138/unit as against INR INR 3.986/unit last week. The sharp hike was supported by a drastic surge in power outage which increased purchase-side bids on the exchange. Notably, bids for power purchase exceeded sell bids by around 1.36 times this week.

Silico manganese prices remain firm on limited margins

On August 12, offers for silico manganese (60-14) ranged from INR 66,000-67,000/t exw in Durgapur, Raipur, and Vizag, an increase of about INR 400/t w-o-w. However, manufacturers face shrinking profit margins due to material costs falling below production expenses, causing them to resist further reductions.

Ferro manganese prices stable

Indian ferro manganese (HC70%) prices have remained stable w-o-w due to a lack of export inquiries and weak demand for special steels. On August 12, SteelMint assessed ferro manganese offers at INR 67,200-67,700/t exw in Durgapur and Raipur.

Ferro chrome prices rise

Indian ferro chrome (HC60%, Si:4%) prices rose by INR 2,000/t w-o-w, driven by an increase in offers by domestic producers in response to a surge in export demand from China. According to SteelMint's assessment on 10 August, Indian ferro chrome (HC60%, Si:4%) prices stood at INR 106,000/t exw-Jajpur. Meanwhile, Vedanta-FACOR's ferro chrome auction held on 9 August concluded at INR 105,800/t for the bigger lot of 10-150 mm.

Ferro silicon prices edge up

After remaining under pressure for several weeks, Indian ferro silicon (Si:70%) prices rose by INR 2,000/t w-o-w. The increase may be attributed to increased domestic stainless steel demand and a gradual shift in market mood. According to SteelMint, Indian ferro silicon prices were assessed at INR 104,000/t exw-Guwahati on 11 August. Similarly, Bhutanese offers increased by INR 3,000/t w-o-w to INR 105,000/t exw. However, some Bhutanese producers have started offering higher prices, sources informed.

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