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

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Silico Manganese

BigMint Bureau

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22 Jun 2024, 14:17 IST

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

Silico manganese prices decline sharply on weak demand

Ferro chrome prices rise post-conclusion of auctions

Silico manganese prices witness a significant decline

Silico manganese prices in India dropped to a 2-month low w-o-w by INR 4,650/t ($56/t) to INR 78,700-80,000/t ($942-957/t) exw across the markets of Raipur, Durgapur and Vishakhapatnam. This downfall in the prices occurred because of the poor domestic demand and rigidity towards higher quotes in the market.

Meanwhile, the domestic steel billet index stood at INR 41,200/t ($493/t) exw-Raipur, down by INR 1,600/t ($19/t) on 21 June at 17:54 hrs.

Ferro manganese prices diminish

Ferro manganese (HC70%) prices declined sharply w-o-w by INR 5,500/t ($66/t) in Raipur, reaching INR 88,600/t ($1,060/t) exw. Meanwhile, in Durgapur, prices went down by INR 5,000/t ($60/t) to INR 89,000/t ($1,065/t). Prices witnessed a downturn as the market diluted attributed to poor demand and unacceptance of higher quotes.

Imported manganese ore prices remain range-bound

Prices of imported manganese ore (Mn37-46%) remained largely stable w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.4/dmtu to $6.15/dmtu; Mn44% from Gabon stood at $8.45/dmtu inched up by $0.05/dmtu; while Mn46% of Australian origin stood at $9.05/dmtu, inched up by $0.05/dmtu. All prices are CIF India.

However, cargo arrivals for manganese ore diminished by 32% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices inch up post-conclusion of auctions

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) prices inched up w-o-w by INR 1,900/t ($23/t) on 21 June, settling at INR 110,000/t ($1,316/t) exw-Jajpur. Prices had been steadily increasing before last week's Vedanta-FACOR auction raised offer prices. The larger lot of 10-150 mm was sold at INR 109,100/t ($1,308/t) in FACOR's auction on 17 June, up by 3% from the previous auction on 5 June.

Recently, At OMC's chrome ore auction on 20 June, 2024, all 60,100 t were sold with premiums reaching 58-75% (INR 12,200-16,300) for high-grade material (52 to +54%). Bid prices rose up to 30% m-o-m across all grades.

However, Prices of 304 grade stainless steel were steady w-o-w at INR 179,000/t ($2,140/t) exw-Mumbai.

Ferro silicon prices remain stable

Indian ferro silicon (FeSi:70%) prices remained largely stable w-o-w with a slight decline by INR 200/t ($2/t) settling at INR 96,500/t ($1,155/t) unchanged exw-Guwahati on 21 June. Meanwhile, Bhutan's prices inched down by INR 200/t ($2/t), reaching INR 97,100/t ($1,162/t) exw. Due to mismatches between bids and offers, prices decreased, posing challenges for Bhutan's sustained market presence.

Ferro molybdenum prices increase

Domestic ferro molybdenum prices surged w-o-w by INR 54,000/t ($646/t). As on 21 June, prices stood at INR 2,800,000/t ($33,504/t) exw-Nagpur on a 60% pro rata basis. The price increase was driven by heightened seller offers and persistent scarcity in molybdenum oxide supply, reflecting market dynamics influenced by both increased selling pressures and limited availability of essential materials.

However, On the London Metal Exchange (LME) platform, prices remained steady with just a minor increase of $0.12/pound to $23.46/pound.

Ferro vanadium prices rise

This week, Indian ferro vanadium prices increased w-o-w by INR 20,000/t, reaching INR 1,280,000-1,300,000/t ($15,347-$15,586 per ton) ex-works (50% prorate). Despite higher manufacturer quotations, lower-priced materials diminished, while high-priced buyer transactions remained limited, leading to cautious market conditions.

IEX spot prices increase

Spot electricity prices on the Indian Energy Exchange (IEX) rose by 29% to INR 6.12 per unit during the period from 16 June to 22 June, compared to the previous week's rate of INR 4.74 per unit. The market witnessed a significant increase in bids for power purchase due to heightened power demand. The disparity between buy bids and sell bids widened to 1.3 this week.

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