Weekly round-up: Ferro alloys prices reflect mixed trends on cautious market moves

• Silico manganese prices surge amid costlier raw materials
  
  
• Ferro silicon prices diminish post-Bhutan's price announcements
  
  

Silico manganese prices increase on rising raw material costs

Silico manganese prices in India increased w-o-w by INR 4,850/t ($58/t) to INR 90,400-90,900/t ($1,082-1,088/t) exw across markets. The primary driver behind this price surge was the escalated raw material costs. Additionally, MOIL lifted its manganese ore offers by 35% and imported manganese also saw jump in prices by 33% which impacted the domestic silico manganese prices.

Meanwhile, the domestic steel billet index stood at INR 44,400/t ($530/t) exw-Raipur, up INR 200/t ($2/t) on 8 June at 11:48 hrs.

Ferro manganese prices soar w-0-w

Ferro manganese (HC70%) prices increased w-o-w by INR 1,600/t ($19/t) in Raipur, reaching INR 95,000/t ($1,137/t) exw. Meanwhile, in Durgapur, prices rose by INR 3,000/t ($36/t) to INR 96,000/t ($1,149/t). Prices witnessed an uptick due to the rising manganese ore prices. However, the domestic demand remained stable w-o-w.

Imported manganese ore prices stable

Prices of imported manganese ore (Mn37-46%) remained sturdy this week. Prices of Mn37% (South Africa origin) inched up by $0.1/dmtu at $6.55/dmtu; Mn44% from Gabon stood at $8.45/dmtu ; while Mn46% of Australian origin stood at $9/dmtu. All prices are CIF India.

However, cargo arrivals for manganese ore surged by 92% for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices remain consistent

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) prices remained unchanged w-o-w on 7 June, settling at INR 105,800/t ($1,267/t) exw-Jajpur. Prices remained stable due to moderate demand, as market players awaited the results of FACOR's auction. On 5 June, subdued trading at higher prices was evident, with the 10-150 mm lot fetching INR 105,700/t ($1,264/t) at FACOR's ferro chrome auction

Additionally, prices of Indian low silicon high-carbon ferro chrome (HC60%, Si:2%) declined by INR 700/t ($8/t) on 6 June, settling at INR 112,900/t ($1,352/t) exw-Jajpur.

Meanwhile, Prices of 304 grade stainless steel dropped by INR 3,000/t ($36/t) w-o-w to INR 179,000/t ($2,144/t) exw-Mumbai on 5 June.

Ferro silicon prices decline w-o-w

Indian ferro silicon (FeSi:70%) prices decreased w-o-w by INR 650/t ($8/t) settling at INR 98,000/t ($1,173/t) down by INR 1,100/t ($13/t) exw-Guwahati on 7 June. Meanwhile, Bhutan's prices also inched down by INR 200/t ($2/t), reaching INR 98,000/t ($1,173/t) exw. The market marginally declined post-Bhutan's offers that stood at INR 98,000/t ($1,173/t).

Ferro molybdenum prices range-bound

Domestic ferro molybdenum prices were largely stable w-o-w with a slight decline of INR 4,000/t ($48/t). As on 7 June, prices stood at INR 2,755,000/t ($33,025/t) exw-Nagpur on a 60% pro rata basis. Subdued demand has made producers hesitant to book ferro molybdenum at higher prices which kept prices consistent.

However, prices on the LME showed a minor increase of $0.44/pound w-o-w to $23.13/pound.

Ferro vanadium prices rise

Indian ferro vanadium prices increased w-o-w by INR 70,000/t ($839/t) this week, with FeV 50% prices ranging between INR 1,250,000-1,275,000/t ($14,981-$15,286/t) ex-works (50% prorate). Due to the fragile demand in the domestic market and continual raw material shortages, prices witnessed an uptick.

IEX spot prices rise

Spot electricity prices on the Indian Energy Exchange (IEX) experienced a 5% increase to INR 5.43/unit during the period from 2 June to 8 June, compared to the previous week's rate of INR 5.16/unit. The market observed robust trading activity due to a shortfall in power supply, causing prices to spike to levels around INR 6/unit. However, as the supply-demand situation gradually improved, prices eased towards the latter part of the period.

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