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

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Manganese Ore

BigMint Bureau

222 Reads

20 Apr 2024, 14:20 IST

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

Silico manganese prices surge to 10-month high

Ferro chrome prices decline to 4-month low

Silico manganese prices hit 10-month high

Silico manganese prices in India jumped by around INR 3,150/t ($38/t) w-o-w to INR 71,600-72,900/t ($859-874/t) exw across major markets of Raipur, Durgapur, and Vizag. Increased offtake by domestic steel mills is providing a solid foundation for the price rise and a surge in inquiries from overseas markets for Indian silico manganese is further bolstering domestic prices.

Meanwhile, the domestic steel billet index stood at INR 44,100/t ($529/t) up by INR 2,100/t ($25/t) exw-Raipur on 20 April at 11:45 hrs.

Ferro manganese prices up on supply shortage

Ferro manganese (HC70%) prices went up a w-o-w by INR 3,500/t ($42/t) and INR 2,700/t ($32/t) in Raipur and Durgapur, reaching INR 72,500/t ($870/t) exw, and INR 71,600/t ($859/t) respectively. Prices scaled up as the overall market faced supply shortages and hiked demand.

Ferro chrome prices hit 4-month low

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) diminished a w-o-w by INR 700/t ($8/t) on 19 April, settling at INR 108,300/t ($1,299/t) exw-Jajpur. Prices fell as bid-offer discrepancies persisted in the market and most players awaited the conditions of the market post-OMC's chrome ore auction on 19 April.

Meanwhile, OMC has sold 65,000 t of chrome ore from South Kaliapani and Sukrangi mines at its recent auction. Bid prices dipped INR 403-1,148/t (3%-26%) compared the Mar'24 auction.

However, with a slight increase of INR 1,000/t ($12/t) to INR 174,000/t ($2,083/t) exw-Mumbai, the price of stainless steel for 304 grade stayed consistent w-o-w.

Imported manganese ore prices inches up

Prices of imported manganese ore Mn37-46% headed east this week. Prices of Mn37% were assessed at $4.35/dmtu, Mn44% at $5/dmtu up by $0.05/dmtu, and Mn46% at $5.35/dmtu up by $0.6/dmtu. All prices are CIF India. Meanwhile, cargo arrivals for manganese ore saw a recovery by 36% for Mn37%, Mn44%, and Mn46%.

Weak demand weighs on ferro silicon prices

Indian ferro silicon (FeSi:70%) prices descend to 3-year low of INR 1,200/t ($13/t), settling at INR 97,500/t ($1,169/t) exw-Guwahati on 19 April down by INR 1,000/t ($12/t). Meanwhile, Bhutan also experienced a drop of INR 1,400/t ($17/t) w-o-w, reaching INR 98,200/t ($1,178/t) exw. Because of the decreased demand and the differences in bid and offer, the prices decreased in both the regions.

IEX spot prices increase

Spot electricity prices at Indian Energy Exchange (IEX) exhibited an inclination this week. Prices went up by 11% to INR 4.99/unit during current week (14 April- 20 April) against INR 4.51/unit last week.

Ferro molybdenum prices inch up

Indian ferro molybdenum prices inched up, by INR 20,000/t ($240/t). As on 19 April, prices stood at INR 2,395,000/t ($28,727/t) exw-Nagpur on a 60% pro rata basis. Despite the weekly price increase, the market as a whole remains stable because there were no significant movements. Meanwhile, the London Metal Exchange (LME) showed little variation w-ow, rising by $0.24/pound to $19.82/pound.

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