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

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Silico Manganese
By
BigMint Bureau
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24 Aug 2024, 14:06 IST
Weekly round-up: Ferro alloys prices show mixed trends on market volatility

  • Silico manganese prices remain largely stable on modest demand

  • Ferro chrome prices rise w-o-w after OMC'S chrome ore auction

Silico manganese prices largely stable on limited demand

Silico manganese prices remained largely stable with a slight decline by around INR 350/tonne ($4/t) w-o-w to INR 68,000-68,400/t ($811-816/t) exw in Raipur, Durgapur and Vishakhapatnam. The fluctuations in the Indian silico manganese market are influenced by a combination of local and global factors, including shifts in demand, disruptions in the supply chain, and overall economic conditions. However, the domestic steel billet index stood at INR 38,450/t ($459/t) ex-works Raipur, marking an increase of INR 150/t ($2/t) w-o-w as of 23 August, 2024.

Ferro manganese prices inch down on need-based demand

India's ferro manganese (HC70%) prices inched down w-o-w by around INR 500/t ($6/t) in Raipur to INR 74,500/t ($889/t) exw. Meanwhile, in Durgapur, prices dropped marginally by around INR 400/t ($5/t) w-o-w to INR 74,300/t ($886/t). Prices inched down this week as the market demand remained low and only need-based purchases took place.

Imported manganese ore prices remain stable

Prices of imported manganese ore (Mn 37-46%) remained consistent w-o-w. Mn37% from South Africa held steady at $4/dmtu. Mn44% from Gabon rose slightly by $0.05/dmtu to $6.15/dmtu, while Mn46% from Australia increased by $0.05/dmtu to $6.65/dmtu CIF India. Cargo arrivals for manganese ore Mn37%, Mn44%, and Mn46% were largely stable, with a minor w-o-w decline of 3%.

Ferro chrome prices rise post-OMC's chrome ore auction

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) increased w-o-w by INR 3,600/t ($43/t) on 23 August, reaching INR 106,700/t ($1,273/t) ex-works Jajpur. This rise was driven by higher bids in OMC's chrome ore auction, although market acceptance remains to be seen. FACOR's upcoming auction is expected to provide a clearer price outlook. Stainless steel prices of 304-grade hot-rolled coil (HRC) stood at INR 181,000/t ($2,156/t) ex-works Mumbai, marking an increase of INR 2,000/t ($24/t) w-o-w.

Ferro silicon prices remain stable on tight supplies

Indian ferro silicon (FeSi:70%) prices remained stable with a slight fluctuation, inching up by around INR 200/t ($2/t) w-o-w, settling at INR 88,600/t ($1,057/t) ex-works Guwahati on 23 August. In contrast, prices in Bhutan decreased slightly by INR 100/t($1/t) w-o-w, reaching INR 89,000/t ($1,062/t) ex-works. The stability in prices was attributed to major suppliers focusing on fulfilling tender orders, resulting in limited trading activity in the spot market.

Ferro molybdenum prices stay stable

Domestic ferro molybdenum prices remained stable w-o-w with a slight decline of INR 2,000/t ($24/ t). As of 23 August, prices were at INR 2,477,000/t ($29,554/t) ex-works Nagpur on a 60% pro rata basis. The consistency in prices was attributed to unchanged market movements and soft demand.

Ferro vanadium prices remain firm w-o-w

On August 21, 2024, Indian ferro vanadium prices held steady at INR 1,150,000/t ($13,721/t) exw-Raipur, reflecting unchanged market demand. Weak interest in special steels led to some producers halting operations, with manufacturing limited to specific inquiries. However, a market recovery is expected starting November 2024 as demand in the special steel sector is projected to improve.

IEX spot prices inch down

Spot electricity prices inched down by 15% w-o-w to INR 4.24/unit from 18 August to 24 August, down from the previous week's INR 4.99/unit.

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24 Aug 2024, 14:06 IST

 

 

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