Weekly round-up: Ferro alloys prices show mixed trend

• Indian silico manganese prices hit 4-month high
  
  
• Ferro silicon prices fall further
  
  
• Domestic ferro chrome prices largely stable
  
  

Indian silico manganese prices rose to a 4-month high amid firm domestic demand and rise in export inquiries which led to a supply shortage. Export prices for silico manganese (60-14) stood at $838/t FOB, up $3/t Vizag/Haldia, while silico manganese (65-16) was priced at $935/t, up $3/t. Silico manganese (60-14) was traded at approximately INR 67,700-68,000/t ($816-$819/t) exw Durgapur, Raipur, and Vizag, an increase of INR 600/t ($7/t) on 9 February, 2024.

However, the domestic steel billet index stood at INR 39,250/t ($473/t) exw-Raipur on 9 February at 17:00 hrs, which remained unchanged w-o-w.

Ferro silicon prices fall

Indian ferro silicon (FeSi:70%) prices declined by INR 2,100/t ($25/t) ex-Guwahati and Bhutan. Bhutan's prices opened at a lower level attributed to the decrease in domestic ferro silicon prices. As of 9 February, BigMint reported ferro silicon prices in India at INR 107,000/t ($1,288/t), down INR 1,600/t ($19/t) exw-Guwahati and INR 107,000/t ($1,289/t) exw-Bhutan, down INR 2,600/t ($31/t).

Ferro chrome prices stable

On 9 February, Indian ferro chrome (HC 60%, Si:4%) prices stayed stable showing a slight increase. Prices inched up by INR 200/t ($2/t), reaching INR 118,500/t ($1,427/t) exw-Jajpur. Post OMC's chrome ore and Vedanta-FACOR's ferro chrome auction results, most producers raised their offers. Meanwhile, 304 grade stainless steel prices remained unchanged at INR 173,000/t ($2,084/t) exw-Mumbai w-o-w. Demand was not strong in this segment, which led to fewer inquiries.

Ferro manganese prices up

Ferro manganese (HC70%) prices rose as export inquiries majorly from Japan and Vietnam increased, and production curtailment led to a price hike in the domestic market. Ferro manganese prices in Durgapur and Raipur on 9 February varied between INR 67,750 and INR 68,000/t ($816-$819/t), up INR 550/t ($7/t).

Imported manganese ore prices stable

Prices of imported manganese ore Mn: 37-46% were steady this week. Prices of Mn37% were assessed at $3.9/dmtu, Mn44% at $4.4/dmtu, and Mn46% at $4.7/dmtu. All prices are CIF India weekly. Cargo arrivals for manganese ore recovered for Mn37%, Mn44%, and Mn46%.

IEX spot prices down

Spot electricity prices in the day-ahead market at the Indian Energy Exchange (IEX) fell to INR 5.45/unit this week (4 February-10 February) against INR 6.16/unit last week. Prices eased on reduced buying activity where bids for power sell exceeded the buy-side bids at the exchange.

Ferro molybdenum prices steady

Indian ferro molybdenum prices were largely stable, reflecting a decline of INR 42,000/t ($506/t) this week. The global market functioned sans fluctuation especially in China and Europe, which resulted in price stability in the domestic market. As of 7 February, prices for Indian ferro molybdenum were at INR 2,325,000/t ($28,007/t) exw-Nagpur on a 60% pro rata basis.

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