Weekly round-up: Ferro alloys prices show mixed trends on improvement in market atmosphere

• Silico manganese prices jump to a 11-month high
  
  
• Ferro chrome prices fall post-lower bids in recent auction
  
  

Silico manganese prices flourish on rise in export demand

Silico manganese prices in India increased by around INR 700/t ($8/t) w-o-w to INR 72,600-73,300/t ($870-879/t) exw across major markets of Raipur, Durgapur, and Vizag. The confluence of rising raw material costs, robust export demand, and disruptions in Australian supply painted a picture of a potentially sustained upward trajectory for silico manganese prices in the Indian domestic market.

However, the domestic steel billet index stood at INR 42,850/t ($510/t) down by INR 1,250/t ($15/t) exw-Raipur on 27 April at 11:50 hrs.

Ferro manganese prices up w-o-w on rise in demand

Ferro manganese (HC70%) prices rose by INR 1,500/t ($42/t) w-o-w and INR 2,900/t ($32/t) in Raipur and Durgapur, reaching INR 74,000/t ($887/t) exw, and INR 74,500/t ($893/t) respectively. Prices increased as the overall market faced supply shortages and a rise in demand.

Ferro chrome prices fall on lower bids in recent auction

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) declined by INR 500/t ($6/t) w-o-w on 26 April, settling at INR 107,800/t ($1,293/t) exw-Jajpur. Prices fell after the conclusion of auctions.

Odisha Mining Corporation's (OMC's) auction on 19 April saw chrome ore prices soar, fetching premiums of INR 2,000-9,200/t (12%-41%) above floor prices for the entire 65,000 t quantity.

Conversely, Ferro Alloys Corporation Limited's (FACOR's) ferro chrome auction witnessed subdued activity, the bigger lot (10-150 mm) secured an H1 price of INR 106,400/t exw, matching the base price. However, bids fell by INR 3,800/t m-o-m with market players hesitant to secure materials at higher prices

However, in the stainless steel finished market, prices experienced a slight uptick of INR 3,000/t. BigMint's assessment placed 304 HRC at INR 177,000/t and 316 HRC at INR 308,000/t.

Imported manganese ore prices rise

Prices of imported manganese ore Mn37-46% increased this week. Supply constraints and cost concerns fuelled the rise in prices. Prices of Mn37% were assessed at $4.95/dmtu, rose by $0.6/dmtu, Mn44% at $6.1/dmtu, up by $1.1/dmtu, and Mn46% at $6.5/dmtu, up by $1.15/dmtu. All prices are CIF India. Meanwhile, cargo arrivals for manganese ore saw a recovery by 36% for Mn37%, Mn44%, and Mn46%.

Ferro silicon prices climb on surge in export inquiries

Indian ferro silicon (FeSi:70%) prices rose by INR 850/t ($10/t), settling at INR 98,200/t ($1,177/t) exw-Guwahati on 26 April, up by INR 700/t ($8/t). Meanwhile, Bhutan prices were also up by INR 1,000/t ($12/t), reaching INR 99,200/t ($1,189/t) exw. Because of the improved export inquiries and increase in Chinese prices, prices went up in both the regions.

IEX spot prices stable

Spot electricity prices at the Indian Energy Exchange (IEX) remained relatively stable this week, with a slight increase of 2% to INR 5.09 per unit compared to INR 4.99 per unit last week (21 April - 27 April). Overall, bids for power purchases were lower than supply-side bids. However, there was a significant surge in power purchase bids towards the end of the week, causing prices to reach levels of INR 6 per unit at the exchange.

Ferro molybdenum prices rise

Indian ferro molybdenum prices increased by INR 101,000/t ($12,111/t). As on 26 April, prices stood at INR 2,496,000/t ($29,927/t) exw-Nagpur on a 60% pro rata basis. The price went up on improved demand in domestic and global markets. However, prices on the London Metal Exchange (LME) did not fluctuate much with a minor increase of $0.07/pound w-o-w to $19.89/pound.

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