Weekly round-up: Ferro alloys prices show mixed trends

• Silico manganese prices fall w-o-w on market pessimism
  
  
• Ferro chrome prices stable, OMC's auction results to play crucial role
  
  

Silico manganese prices edge down w-o-w on sluggish market

Silico manganese prices edged down by around INR 650/t ($8/t) to INR 65,000-65,500/t ($779-785/t) w-o-w exw in Raipur, Durgapur, and Visakhapatnam. Domestic silico manganese prices have continued to decline w-o-w, with the market facing a prolonged downturn due to reduced trades, shrinking profit margins, and weakening demand.

However, the domestic steel billet index stood at INR 38,150/t ($457/t) exw-Raipur, up by INR 850/t ($10/t) w-o-w as of 21 September 2024.

Ferro manganese prices down on weak demand

India's ferro manganese (HC70%) prices in Raipur dropped by around INR 1,000/t ($12/t) w-o-w to INR 70,000/t ($839/t) exw. Meanwhile, in Durgapur, prices also diminished by around INR 1,100/t ($13/t) w-o-w to INR 69,700/t ($835/t). Prices declined due to the ongoing low demand and subdued trade activities.

Imported manganese ore prices remain firm

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 significantly by 68% for Mn37%, Mn44%, and Mn46% w-o-w.

Ferro chrome prices stable w-o-w

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) remained largely stable, inching up marginally by INR 100/t ($1/t) to INR 107,100/t ($1,283/t) w-o-w exw-Jajpur on 20 September. Prices were steady, as market sentiments remained the same throughout the week.

Notably, at the OMC chrome ore auction, 22,400 t were sold. Bid prices rose 5.63-21% (INR 1,457-4,088/t) for grades below 50% from the last auction's bid price, but remained largely stable for grades above 52% against last month. Conclusion of this auction will play a crucial role in deciding upcoming week's price trajectory.

Stainless steel prices of 304 grades were unchanged w-o-w at INR 182,000/t ($2,175/t) exw-Mumbai.

Ferro silicon prices rise on improved market sentiments

Indian ferro silicon (FeSi:70%) prices increased by around INR 900/t ($11/t) w-o-w to settle at INR 89,300/t ($1,070/t) exw-Guwahati on 20 September. Prices in Bhutan also rose by INR 2,200/t ($26/t) w-o-w, reaching INR 91,200/t ($1,092/t) exw. The price rise was driven by higher trade settlements, which influenced the market trend.

Ferro molybdenum prices inch down on market stagnancy

Domestic ferro molybdenum prices inched down by INR 65,000/t ($299/t) w-o-w. As of 20 September, prices were at INR 2,510,000/t ($30,067/t) exw-Nagpur on a 60% pro-rata basis. The stability in pricing was due to the absence of major movements in the market.

Additionally, On the London Metal Exchange (LME) on 16 September, molybdenum witnessed a slight drop of $0.11/lb w-o-w to $21.53/lb.

Indian ferro vanadium prices edge up w-o-w

Indian ferro vanadium (FeV) prices edged up by INR 25,000/t ($299/t) w-o-w amid supply shortages and upscaled demand. FeV 50% prices reached INR 1,180,000/t ($14,095/t) exw-Raipur (50% prorate). The Indian ferro vanadium market is on the rise due to increased demand for special steels and limited supply. This combination has driven up prices, suggesting a potential further price increase in the near future.

IEX spot prices increase

Spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 4.37/unit from 15-21 September, up by 34% w-o-w from the previous week's INR 3.26/unit. This uptick in prices was attributed to a revival in buying activity observed during the latter part of the week, as the gap between sell-side and buy-side bids decreased.

Trade

Auction result

Auction notice