Weekly round-up: Ferro alloys prices show mixed trends amid market ambiguity

• Silico manganese prices trend higher on improving steel prices
  
  
• Ferro chrome prices decline on lack of acceptance of higher quotes
  
  

Silico manganese prices in India surged by around INR 1,250/t ($15/t) w-o-w to INR 68,600-69,600/t ($820-832/t) exw across major markets of Raipur, Durgapur, and Vizag. Silico manganese prices experienced a robust upward lane in the domestic market, fuelled by an injection of short supply and upward price movement in domestic steel due to rise in raw material prices.

Meanwhile, the domestic steel billet index stood at INR 42,000/t ($502/t) up by INR 650/t ($8/t) exw-Raipur on 12 April at 18:30 hrs.

Ferro manganese prices hike on rising demand

Ferro manganese (HC70%) prices were up a w-o-w by INR 1000/t ($12/t) and INR 900/t ($11/t) in Raipur and Durgapur, reaching INR 69,000/t ($825/t) exw, and INR 68,900/t ($824/t) respectively. The price rise was attributed to an uptick in domestic demand and increased prices of manganese ore put pressure on buyers to accept higher quotes.

Ferro chrome prices dip w-o-w

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) declined a w-o-w by INR 2,600/t ($31/t) on 12 April, settling at INR 109,000/t ($1,304/t) exw-Jajpur. This drop is attributed to limited acceptance of sellers' higher offers. Prices dropped following conclusion of Vedanta-FACOR's auction on 5 April as the market shifted prices based on the same.

Meanwhile, prices of 304 grade stainless steel decreased by INR 2,000/t ($24/t) w-o-w, to INR 173,000/t ($23,906/t) exw-Mumbai.

Imported manganese ore prices inch up

Prices of imported manganese ore Mn37-46% witnessed a significant hike this week. Prices of Mn37% were assessed at $4.35/dmtu up by $0.2/dmtu, Mn44% at $4.95/dmtu up by $0.5/dmtu, and Mn46% at $4.75/dmtu up by $0.55/dmtu. All prices are CIF India. Meanwhile, cargo arrivals for manganese ore also improved for Mn37%, Mn44%, and Mn46%.

Ferro silicon prices fall post Bhutan's offers

Indian ferro silicon (FeSi:70%) prices witnessed a w-o-w decline of INR 950/t ($11/t), settling at INR 98,500/t ($1,178/t) exw-Guwahati on 12 April down by INR 1,500/t ($18/t). Meanwhile, Bhutan also experienced a drop of INR 600/t ($7/t) w-o-w, reaching INR 99,600/t ($1,191/t) exw. Prices decreased as new offer were revealed from Bhutan and as the norm goes, Indian producers started to sell material at those prices.

IEX spot prices decline

Spot electricity prices at Indian Energy Exchange (IEX) exhibited a decline this week. Prices went down by 12% to INR 4.51/unit during current week (7 April- 13 April) against INR 5.14/unit last week.

Ferro molybdenum prices stable

Indian ferro molybdenum prices remained largely consistent, with a slight increase of INR 34,000/t ($407/t). As on 12 April, prices stood at INR 2,375,000/t ($28,405/t) exw-Nagpur on a 60% pro rata basis. Prices remained range-bound as they had been over the previous few weeks owing to stable market sentiments in global as well as domestic market. Meanwhile, the London Metal Exchange (LME) platform likewise saw stable pricing, with a minor w-o-w decline of $0.23/pound to $19.58/pound.

Trade

Tender Notice