Weekly round-up: Ferro alloys prices reflect mixed sentiments
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- Ferro manganese prices rise on limited supply
- Ferro chrome prices decline on dull market sentiments
Silico manganese prices inch down after hitting 2-year high
Silico manganese prices in India remained largely stable with a slight decline by INR 600/t ($7/t) to INR 92,500-94,700/t ($1,107-1,134/t) exw across major markets of Raipur, Durgapur, and Vizag. This slight decline was noticed because less acceptance was there for high priced materials and lower offers seen from traders. However, a recent high-cost manganese ore import suggests a potential rebound in domestic silico manganese prices.
Similarly, the domestic steel billet index stood at INR 44,500/t ($534/t) remaining unchanged this week exw-Raipur on 11 May at 18:37 hrs.
Ferro manganese prices rise
Ferro manganese (HC70%) prices rose by INR 1,400/t ($17/t) w-o-w in Raipur, reaching INR 96,400/t ($1,154/t) exw. Meanwhile, in Durgapur prices remained unchanged at INR 96,300/t ($1,153/t). Prices rose as the market witnessed limited supply and high cost of production due to rise in high grade manganese ore prices.
Imported manganese ore prices surge
Prices of imported manganese ore Mn37-46% saw an uptick w-o-w on improved global sentiments. Prices of Mn37% (South African origin) were assessed at $6.4/dmtu, up by $1.3/dmtu, Mn44% (Gabonese origin) at $7.05/dmtu, up by $0.85/dmtu, and Mn46%(Australian origin) at $7.55/dmtu, up by $0.95/dmtu. All prices are CIF India.
Meanwhile, cargo arrivals for manganese ore increased by 10% for Mn37%, Mn44%, and Mn46%.
Ferro chrome prices inch down post-lower bids in FACOR's auction
Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) inched down by INR 1,000/t ($12/t) on 10 May, settling at INR 106,900/t ($1,280/t) exw-Jajpur. Prices inched down as market sentiments have weakened post-FACOR's auction. Meanwhile The price of 304 grade stainless steel in India was INR 175,000/t ($2,096/t) exw-Mumbai, showing a little decrease of INR 1,000/t ($12/t) w-o-w.
Ferro silicon prices increase amid strong global demand
Indian ferro silicon (FeSi:70%) prices rose by INR 1,350/t ($16/t), settling at INR 101,600/t ($1,216/t) exw-Guwahati on 10 May, up by INR 1,000/t ($12/t). Meanwhile, Bhutan prices were also up by INR 1,700/t ($20/t), reaching INR 101,400/t ($1,214/t) exw. Prices went up as demand saw an uptick, particularly in the global markets, which contributed to domestic price increases as well.
Ferro molybdenum prices rise amid supply shortages
Indian ferro molybdenum prices rose by INR 75,000/t ($898/t). As on 10 May, prices stood at INR 2,620,000/t ($31,360/t) exw-Nagpur on a 60% pro rata basis. Price increase was reportedly caused by material shortages in both the domestic and international markets. Meanwhile, on 7 May, prices on the London Metal Exchange (LME) witnessed a slight uptick of $0.24/pound w-o-w to $21.02/pound.
Ferro vanadium prices persists stability w-o-w
Prices of Indian ferro vanadium (FeV) have remained unchanged for three weeks. FeV 50% grade prices have stabilised at INR 11,80,000-12,00,000/t ex-works in key markets. Despite the stable pricing, there's been a noticeable absence of purchase inquiries from buyers, and follow-ups on high-priced transactions have been minimal. Both suppliers and buyers in the market appeared to be taking a cautious, wait-and-see stance.
IEX spot prices largely stable
Spot electricity prices at the Indian Energy Exchange (IEX) remained largely stable this week, recorded at INR 5.12 per unit during the period from 5 to 11 May, compared to INR 6.04 per unit last week. The decline in buying interest, coupled with higher availability of sell-side bids, resulted in a slight correction in prices.
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