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Weekly round-up: Ferro alloys prices show mixed trend

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Manganese Ore

BigMint Bureau

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17 Feb 2024, 15:49 IST

Weekly round-up: Ferro alloys prices show mixed trend

Indian silico manganese prices on a continual upswing

Ferro silicon prices remain largely consistent

Domestic ferro chrome prices stable, market awaits OMC's chrome ore auction

Indian silico manganese prices continue to rise owing to supply tightness, increase in export enquiries and active bookings in the domestic and overseas markets. Export prices for silico manganese (60-14) were $845/t FOB, up $7/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $945/t, up $10/t.

On 16 February, silico manganese (60-14) was trading at around INR 68,300-68,500/t ($823-$825/t) exw Durgapur, Raipur, and Vizag, up INR 550/t ($7/t).

However, the domestic steel billet index stood at INR 38,600/t ($465/t) exw-Raipur on 16 February at 18:00 hrs, which declined by INR 650/t ($8/t) w-o-w.

Ferro silicon prices largely stable; offers from Bhutan range-bound

Indian ferro silicon (FeSi:70%) prices remained largely stable, with a minor drop by INR 50/t ($1/t) ex-Guwahati and Bhutan. Bhutan's prices were firm, as deals were concluded at discounts resulting in a slight decline in domestic prices. As of 16 February, BigMint reported ferro silicon prices in India at INR 106,900/t ($1,288/t), down INR 100/t ($1/t) exw-Guwahati and INR 106,850/t ($1,287/t) exw-Bhutan, down INR 150/t ($2/t).

Ferro chrome prices stable; market awaits OMC chrome ore auction

On 16 February, Indian ferro chrome (HC 60%, Si:4%) prices stayed stable showing a slight decrease. Prices inched down by INR 700/t ($8/t), reaching INR 117,800/t ($1,419/t) exw-Jajpur. Vedanta-FACOR's ferro chrome auction was closed at INR 117,900 ($1420/t), market awaits OMC's chrome ore auction on 19 February for further clarity on prices. Prices for 304 grade stainless steel increased INR 3,000/t ($36/t) w-o-w to INR 176,000/t ($2,120/t) exw-Mumbai. The primary cause of it was the rise in raw material and futures prices.

Ferro manganese prices up

Ferro manganese (HC70%) prices rose as export inquiries continue to move on an upward direction w-o-w. Ferro manganese prices in Durgapur and Raipur on 16 February varied between INR 68,300 and INR 68,500/t ($823-$825/t), up INR 525/t ($6/t).

Imported manganese ore prices stable

Prices of imported manganese ore Mn: 37-46% remained consistent with minor fluctuation this week. Prices of Mn37% were assessed at $3.95/dmtu down by 0.05/t, Mn44% at $4.4/dmtu, and Mn46% at $4.6/dmtu, down by $0.1/dmtu. All prices are CIF India weekly. Cargo arrivals for manganese ore nearly stable for Mn37%, Mn44%, and Mn46%.

IEX spot prices down

Spot electricity prices in the day-ahead market at the Indian Energy Exchange (IEX) fell by 8% to INR 5.02/unit this week (11 February-17 February) against INR 5.45/unit last week.

Ferro molybdenum prices increase

Indian ferro molybdenum prices rose this week, reflecting an uptick of INR 65,000/t ($831/t) this week. Global hike in demand and enough material availability in domestic market attributed increased prices. Meanwhile, prices on the London Metal Exchange (LME) platform showed a w-o-w increase of $0.43/pound to $19.77/pound on 13 February. As of 14 February, prices for Indian ferro molybdenum were at INR 2,390,000/t ($28,791/t) exw-Nagpur on a 60% pro rata basis.

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