Weekly round-up: Ferro alloys prices reflect ambiguity w-o-w

• Ferro silicon prices decline further this week post-Bhutanese price announcement
  
  
• Indian ferro chrome prices drain, on tough negotiations
  
  
• Imported manganese ore prices up on rising production cost
  
  

Ferro silicon prices in India shrink post-Bhutan's price announcement

Indian ferro silicon (FeSi:70%) prices diminished by INR 1,700/t ($21/t) ex-Guwahati and Bhutan. Prices fell as Bhutan cut its prices on weak demand compelled the overall market to drag down prices. As of 8 March, BigMint reported ferro silicon prices in India at INR 103,000/t ($1,245/t), down INR 1,600/t ($19/t) exw-Guwahati and INR 103,000/t ($1,245/t) exw-Bhutan, decreased by INR 1,800/t ($22/t).

Domestic ferro chrome prices shrink on continuous negotiations

On 8 March, Indian ferro chrome (HC 60%, Si:4%) prices dropped by INR 2,200/t ($27/t), reaching INR 119,500/t ($1,444/t) exw-Jajpur. Prices dropped as buyers were still skeptical about higher offers. However, stainless steel prices for 304 grade in India saw a w-o-w rise of INR 4,000/t ($48/t) and were standing at INR 180,000/t ($2,174/t) exw-Mumbai. Price increase was majorly influenced by rise in LME nickel prices.

Imported manganese ore prices up

Prices of imported manganese ore Mn: 37-46% saw an uptick this week. Prices of Mn37% were assessed at $4.15/dmtu up by 0.05/t, Mn44% at $4.55/dmtu up by $0.05/t, and Mn46% at $4.85/dmtu, up by $0.05/dmtu. All prices are CIF India weekly. Meanwhile, cargo arrivals for manganese ore also headed north by 34% for Mn37%, Mn44%, and Mn46%. Prices rose as production and handling charges, overseas producers of manganese ore have raised prices of all grades.

Indian silico manganese prices hit 1-month low

Indian silico manganese prices fell by INR 350/t ($4/t), prices hovered at a one-month low, as per BigMint data. Poor demand for silico manganese in both domestic and overseas markets particularly in Southeast Asia, Japan, and Europe caused this fall. Export prices for silico manganese (60-14) were $818/t FOB, inched down by $4/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $918/t, fell by $4/t.

On 8 March, silico manganese (60-14) was trading at around INR 66,500-67,000/t ($804-$810/t) exw Durgapur, Raipur, and Vizag.

However, the domestic steel billet index stood at INR 40,200/t ($486/t) exw-Raipur on 8 March at 17:00 hrs, which increased by INR 700/t ($8/t).

Ferro manganese prices down w-o-w on limited demand

Ferro manganese (HC70%) prices dropped by INR 1,125/t ($14/t) as the domestic and overseas demand squeezed. Ferro manganese prices in Raipur and Durgapur on 8 March were at INR 66,700/t ($806/t).

IEX spot prices reduce w-o-w

Spot electricity prices at Indian Energy Exchange (IEX) exhibited a sharp downslide this week on the back of surplus power availability. The prices dropped by 14% w-o-w to INR 3.63/unit during current week (3 March-9 March) against INR 4.22/unit last week. Bids for power sell exceeded almost 1.5 times the purchase bids, which pushed the prices lower.

Ferro molybdenum prices remain strong

Indian ferro molybdenum prices remained largely stable with a slight decline by INR 4,000/t ($48/t) this week. No major fluctuations were noticed in the global prices hence the prices remained consistent. Meanwhile, prices on the London Metal Exchange (LME) platform also stayed consistent, with a little w-o-w decline of $0.06/pound to $20.29/pound. As of 8 March, prices for Indian ferro molybdenum were at INR 2,406,000/t ($29,075/t) exw-Nagpur on a 60% pro rata basis.

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