Weekly round-up: Ferro alloys prices show mixed trend w-o-w

Domestic ferro chrome prices rise

Imported manganese ore prices witnesses an uptick

Indian silico manganese prices inch down

On 23 February, Indian ferro chrome (HC 60%, Si:4%) prices shoot up by INR 3,200/t ($39/t), reaching INR 121,000/t ($1,460/t) exw-Jajpur. Prices rose after conclusion of OMC's chrome ore auction held on 19th Feb'24 which saw aggressive bidding and higher premiums between INR 11,800-13,000/t over the base for high-grade material (52-54%). However, stainless steel prices for 304 grade dropped by INR 2,000/t ($24/t) w-o-w to INR 174,000/t ($2,099/t) exw-Mumbai.

Imported manganese ore prices on an upswing

Prices of imported manganese ore Mn: 37-46% witnessed an uptick in it's prices this week. Prices of Mn37% were assessed at $4.05/dmtu up by 0.1/t, Mn44% at $4.4/dmtu, and Mn46% at $4.7/dmtu, up by $0.1/dmtu. All prices are CIF India weekly. Cargo arrivals for manganese ore largely stable for Mn37%, Mn44%, and Mn46%.

Silico manganese prices in India remain sturdy with minor fluctuation

Indian silico manganese prices remained steady, slightly inched down by INR 500/t ($6/t) on consistent export inquiries and hesitancy in the domestic market in accepting higher offers. Export prices for silico manganese (60-14) were $840/t FOB, inched down $5/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $945/t, and was unchanged.

On 23 February, silico manganese (60-14) was trading at around INR 67,700-68,100/t ($817-$822/t) exw Durgapur, Raipur, and Vizag.

However, the domestic steel billet index stood at INR 39,150/t ($472/t) exw-Raipur on 24 February at 18:00 hrs, which increased by INR 550/t ($7/t).

Ferro silicon prices largely stable; offers from Guwahati inch down

Indian ferro silicon (FeSi:70%) prices remained largely stable, with a minor drop by INR 300/t ($4/t) ex-Guwahati and Bhutan. Bhutan's prices were unchanged, as rigid negotiations took place, whereas lessened inquiries at Guwahati forced some to drag down their offers. As of 23 February, BigMint reported ferro silicon prices in India at INR 106,300/t ($1,282/t), down INR 600/t ($7/t) exw-Guwahati and INR 106,850/t ($1,289/t) exw-Bhutan, stayed constant.

Ferro manganese prices down

Ferro manganese (HC70%) prices declined, despite consistent overseas inquiries. Ferro manganese prices in Raipur and Durgapur on 23 February varied between INR 67,700 and INR 68,000/t ($817-$820/t), down INR 550/t ($7/t).

IEX spot prices decline

Spot electricity prices at Indian Energy Exchange (IEX) extended its fall this week owing to improved power supply position. The prices decreased by 15% w-o-w to INR 4.25/unit this week (18 February-24 February) against INR 5.02/unit last week. During the week, the prices touched levels of INR 3/unit when bids for power sell were 1.4-1.6 times higher than the buy-side bids at the exchange.

Ferro molybdenum prices increase

Indian ferro molybdenum prices head east w-o-w, went up by INR 60,000/t ($724/t) this week. Favourable market sentiments supported by rise in prices in China driven by resumption of material shipments from mines. Meanwhile, the London Metal Exchange (LME) platform, prices witnessed a w-o-w rise of $0.37/pound, reaching $20.14/pound. As of 23 February, prices for Indian ferro molybdenum were at INR 2,450,000/t ($28,546/t) exw-Nagpur on a 60% pro rata basis.

Trade

Tender Notice

Auction Result