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Weekly round-up: Ferro alloys prices rise barring imported manganese ore

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Silico Manganese

BigMint Bureau

321 Reads

28 Sep 2024, 13:37 IST

Weekly round-up: Ferro alloys prices rise barring imported manganese ore

Silico manganese prices rise w-o-w on support of steel price

Ferro chrome prices rise to over 2-month high after key auction results

Silico manganese prices increase w-o-w on market improvements

Silico manganese (60-14) prices edged up by INR 1,400/t ($17/t) to INR 66,300-67,000/t ($794-803/t) w-o-w exw in Raipur, Durgapur, and Visakhapatnam. The domestic silico manganese market has seen an increase this week, driven by the rising steel prices. However, trade volumes remained low as buyers are still evaluating the acceptance of higher price offers.

Additionally, prices for silico manganese (65-16) stood at $907/t FOB Vizag/Haldia, India. Prices were largely stable w-o-w with a slight increase by $1/t from the previous week.

Meanwhile, the domestic steel billet index stood at INR 38,600/t ($462/t) exw-Raipur, inching up by INR 420/t ($5/t) w-o-w as of 27 September 2024.

Ferro manganese prices fall on market stagnancy

India's ferro manganese (HC70%) prices in Raipur inched down by around INR 400/t ($5/t) w-o-w to INR 69,600/t ($834/t) exw. Meanwhile, in Durgapur, prices also dipped by around INR 700/t ($8/t) w-o-w to INR 69,000/t ($827/t). Prices declined due to stagnant market demand, with a lack of significant changes in inquiries impacting overall pricing. This steady demand has created pressure on the market, leading to a downtrend in prices as buyers remained cautious.

In addition, prices of ferro manganese (HC 75%) stood at $923/t FOB Vizag/Haldia, India. Prices witnessed a downturn by $7/t w-o-w.

Imported manganese ore prices remain consistent

Prices of imported manganese ore (Mn 37-46%) remained unaltered w-o-w. Mn44% from Gabon stood at $5.05/dmtu, while Mn46% from Australia at $5.4/dmtu CIF India, Mn37% from South Africa also stood at $3.9/dmtu.

However, cargo arrivals for manganese ore fell up to 40% for Mn37%, Mn44%, and Mn46% w-o-w.

Ferro chrome prices rise to over 2-month high post-key auction results

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) have risen by INR 3,000/t ($36/t) to INR 110,100/t ($1,315/t) w-o-w exw-Jajpur on 27 September. Prices edged up post-higher bids at Odisha Mining Corporation's (OMC's) chrome ore and FACOR's ferro chrome auction.

Stainless steel prices of 304 grade HRC were unchanged w-o-w at INR 182,000/t ($2,175/t) exw-Mumbai. No major movement happened in this sector and with the upcoming festive season, trading activities might remain on the lower side.

Additionally, India's chrome ore dispatches saw a sharp decline of 43% m-o-m in August 2024, with volumes dropping to 157,676 t from 275,063 t in July. This decline was largely due to sluggish ferro chrome demand, as its prices reached an 8-month low in August.

Ferro silicon prices hit 2-month high on Meghalaya's supply crunch

Indian ferro silicon (FeSi:70%) prices increased by around INR 6,800/t ($81/t) w-o-w to INR 96,100/t ($1,151/t) exw-Guwahati on 27 September. Prices in Bhutan also rose by INR 4,300/t ($52/t) w-o-w, reaching INR 95,500/t ($1,144/t) exw. Prices have risen due to a supply crunch caused by the suspension of operations at several Meghalaya plants, ordered by the Meghalaya State Pollution Control Board (MSPCB) for environmental violations.

Ferro molybdenum prices remain largely stable on stagnant market

Domestic ferro molybdenum prices edged up by INR 40,000/t ($478/t) w-o-w. As of 27 September, prices were at INR 2,550,000/t ($30,468/t) exw-Nagpur on a 60% pro-rata basis The ferro molybdenum market has remained stagnant in recent weeks, showing no significant price changes. Similarly, prices of imported molybdenum oxide to India have also remained stable.

Additionally, stability was observed in the prices on London Metal Exchange (LME) platform as well, going up by a marginal $0.01/pound w-o-w to $21.55/pound.

Indian ferro vanadium prices edge up w-o-w

Indian ferro vanadium (FeV) prices dropped by INR 47,000/t ($562/t) w-o-w to INR 1,133,000/t ($13,537/t) exw-Raipur (for FeV 50%). Manufacturers have reduced quotes, but low-priced materials are scarce, limiting inquiries and transactions at higher prices. This supply-demand stalemate has created a cautious atmosphere, with market participants adopting a wait-and-watch approach, anticipating short-term price fluctuations ahead.

IEX spot prices rise

Spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 5.22/unit from 22-28 September, up by 19% w-o-w from the previous week's INR 4.37/unit.

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