Weekly round-up: Ferro alloys prices show mixed sentiments on varying global trends

• Ferro silicon prices drop on declining inquiries
  
  
• Indian ferro chrome prices at 2-months low
  
  
• Imported manganese ore prices remain stable
  
  

Fewer inquiries cause ferro silicon prices to drop w-o-w

Indian ferro silicon (FeSi:70%) prices dropped by INR 1,000/t ($12/t) ex-Guwahati and Bhutan. Prices dropped as demand remained limited and sellers wanted to clear their inventories as the financial year-end is round the corner. As of 15 March, BigMint reported ferro silicon prices in India at INR 102,000/t ($1,245/t),exw-Guwahati and Bhutan.

Ferro chrome prices drop to 2-month lows as buyers resist high offers

On 15 March, Indian ferro chrome (HC 60%, Si:4%) prices dropped by INR 3,500/t ($42/t), reaching INR 116,000/t ($1,399/t) exw-Jajpur. Prices dropped as negotiations progressed and with drop in offers, deals were concluded. However, prices of the 304 grade stainless steel held steady w-o-w at INR 180,000/t ($2,172/t) exw-Mumbai. Due to lower import costs, demand remained down, and for the 200 series, demand was similar primarily because the financial year conclusion approached.

Imported manganese ore prices stable

Prices of imported manganese ore Mn37-46% remained consistent with minor fluctuations. Prices of Mn37% were assessed at $4.15/dmtu up by 0.05/t, Mn44% at $4.45/dmtu down by $0.1/t, and Mn46% at $4.75/dmtu, down by $0.1/dmtu. All prices are CIF India weekly. Meanwhile, cargo arrivals for manganese ore also remained steady for Mn37%, Mn44%, and Mn46%.

Indian silico manganese continues to fall lower steel prices

Indian silico manganese prices declined by INR 650/t ($8/t), prices witnessed a continuous fall w-o-w, as per BigMint data. Prices were under pressure because of domestic demand and rising competition from overseas suppliers. Export prices for silico manganese (60-14) were at $815/t FOB, inching down by $3/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $915/t, down by $3/t.

On 15 March, silico manganese (60-14) was trading at around INR 65,800-66,400/t ($793-$801/t) exw Durgapur, Raipur, and Vizag.

However, the domestic steel billet index stood at INR 39,500/t ($477/t) exw-Raipur on 16 March at 13:00 hrs, which declined by INR 700/t ($9/t).

Ferro manganese prices remain consistent on cautious market outlook

Ferro manganese (HC70%) prices remained largely stable with a marginal drop as global demand witnessed no major change and market players took decisions cautiously. Ferro manganese prices in Raipur and Durgapur on 15 March were at INR 66,500/t ($802/t) down by INR 200/t ($2/t) and INR 66,800 ($806/t), up by INR 100/t ($1/t) respectively.

IEX spot prices rise

Spot electricity prices at Indian Energy Exchange (IEX) exhibited an uptrend this week. The prices increased by 15% to INR 4.19/unit during current week (10 March-16 March) against INR 3.63/unit last week. The market saw gradual improvement in buying activity which pushed prices higher. Overall, buy-side bids for power purchases assessed during the week were still lower than the sell-side bids.

Stability persists in ferro molybdenum prices on no major fluctuation

Indian ferro molybdenum prices remained largely stable with a slight decline by INR 13,000/t ($157/t) this week. Steady domestic market caused the prices to remain largely stable w-o-w. Meanwhile, the prices on the LME platform also showed no significant w-o-w variation, falling by just $0.03/pound to $20.26 /pound. As of 15 March, prices for Indian ferro molybdenum were at INR 2,393,000/t ($28,8705/t) exw-Nagpur on a 60% pro rata basis.

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