Weekly round-up: Ferro alloys prices reflect mixed trends amid market uncertainties

• Silico manganese prices remain stable on need-based buying
  
  
• Ferro chrome prices hit 8-month low on subdued demand
  
  
• Ferro silicon prices drop after Bhutan's price announcement
  
  

Silico manganese prices stable

Silico manganese prices remained largely stable w-o-w, inching down by around INR 250/t ($3/t) to INR 68,600-69,000/t ($817-822/t) exw in Raipur, Durgapur and Vishakhapatnam. The market sentiment remained cautious, and this resulted in price stability.

The domestic steel billet index stood at INR 38,200/t ($455/t) exw-Raipur, down by INR 350/t ($4/t) w-o-w on 9 August.

Ferro manganese prices dip

India's ferro manganese (HC70%) prices fell w-o-w by around INR 900/t ($11/t) in Raipur to INR 75,100/t ($895/t) exw. Meanwhile, in Durgapur, prices dropped INR 700/t ($8/t) w-o-w to INR 75,400/t ($898/t). Prices fell due to resistance to higher quotes amid subdued market environment.

Imported manganese ore prices stable

Prices of imported manganese ore (Mn37-46%) remained largely stable w-o-w. Prices of Mn37% (South Africa origin) inched down by around $0.2/dmtu to $4.3/dmtu; while both Mn44% from Gabon at $9.1/dmtu and Mn46% from Australia at $9.7/dmtu CIF India remained stable w-o-w.

Additionally, cargo arrivals for manganese ore Mn37%, Mn44%, and Mn46% also fell by 40% w-o-w.

Ferro chrome prices drop

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) dropped by around INR 2,100/t ($25/t) on 9 August, settling at INR 103,400/t ($1,232/t) exw-Jajpur (an eight-month low), as demand declined continuously. Buyers were largely holding off in anticipation of FACOR's auction results for a clearer market perspective. However, stainless steel prices in India for 304 grade HRC saw a slight increase of INR 1,000/t ($12/t) w-o-w to INR 178,000/t ($2,120/t) exw-Mumbai.

Ferro silicon prices decline

Indian ferro silicon (FeSi:70%) prices dropped around INR 2,200/t ($26/t) w-o-w, settling at INR 88,800/t ($1,056/t) exw-Guwahati on 9 August. Meanwhile, Bhutan's prices fell by INR 1,200/t ($14/t) reaching INR 89,800/t ($1,070/t) exw. Prices dropped due to sluggish demand at higher prices post Bhutan's August offers were announced: INR 91,000/t ($1,085/t) exw, down INR 4,000/t ($48/t) m-o-m.

Ferro molybdenum prices hit 2-month low

Domestic ferro molybdenum prices witnessed a w-o-w decline of INR 86,000/t ($1024/t). As on 9 August, prices stood at INR 2,471,000/t ($29,435/t) exw-Nagpur on a 60% pro rata basis. Prices reached a two-month low, as per data maintained by BigMint, due to panic sales in the market and limited inquiries.

However, prices on the London Metal Exchange (LME) remained stable with a minor uptick of $0.67/pound to $21.48/pound.

Ferro vanadium prices decline

Indian ferro vanadium prices declined by INR 24,000/t ($286/t) w-o-w to INR 1,150,000/t ($13,703/t) exw-Raipur due to sluggish market sentiment. Weak demand has led to a subdued market environment, with only essential purchases taking place. Prices are expected to stabilise at current levels.

IEX spot prices rise

Spot electricity prices decreased by 22% w-o-w to INR 4.34/unit from 3 August to 10 August, down from the previous week's INR 5.59/unit.

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