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

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Manganese Ore

BigMint Bureau

280 Reads

15 Jun 2024, 14:56 IST

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

Silico manganese prices diminish on diluted demand

Ferro chrome prices increase due to limited supply

Silico manganese prices witness a sharp decline

Silico manganese prices in India declined w-o-w by INR 6,650/t ($80/t) to INR 83,000-85,000/t ($993-1,017/t) exw across markets. This price decline came due to subdued demand in the domestic market despite ongoing cost pressure amidst rising imported ore prices.

Meanwhile, the domestic steel billet index stood at INR 42,800/t ($512/t) exw-Raipur, down by INR1,600/t ($19/t) on 15 June at 11:38 hrs.

Ferro manganese prices down

Ferro manganese (HC70%) prices declined w-o-w by INR 900/t ($11/t) in Raipur, reaching INR 94,100/t ($1,126/t) exw. Meanwhile, in Durgapur, prices went down by INR 2,000/t ($24/t) to INR 94,000/t ($1,125/t). Prices declined on lower demand and unacceptance of higher offers in the major producing regions.

Imported manganese ore prices inch down

Prices of imported manganese ore (Mn37-46%) inched down this week. Prices of Mn37% (South Africa origin) inched down by $0.2/dmtu to $6.55/dmtu; Mn44% from Gabon stood at $8.4/dmtu inched down by $0.05/dmtu; while Mn46% of Australian origin stood at $9/dmtu. All prices are CIF India.

However, cargo arrivals for manganese ore down by 22% for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices rise on supply shortage

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) prices increased on 14 June, settling at INR 108,100/t ($1,294/t) exw-Jajpur. Supply shortages from halted offers and production cuts by major producers have driven up domestic ferro chrome prices. However, Prices of 304 grade stainless steel remained same w-o-w at INR 179,000/t ($2,143/t) exw-Mumbai.

Ferro silicon prices diminish w-o-w

Indian ferro silicon (FeSi:70%) prices decreased w-o-w by INR 1,100/t ($13/t) settling at INR 96,500/t ($1,155/t) down by INR 1,500/t ($18/t) exw-Guwahati on 14 June. Meanwhile, Bhutan's prices also inched down by INR 700/t ($8/t), reaching INR 97,300/t ($1,165/t) exw. Prices decreased as Bhutan released fresh offer for this month at INR 98,000/t ($1,173/t).

Ferro molybdenum prices largely stable

Domestic ferro molybdenum prices were largely stable w-o-w with a slight decline of INR 9,000/t ($108/t). As on 14 June, prices stood at INR 2,746,000/t ($32,866/t) exw-Nagpur on a 60% pro rata basis. Prices still remained within a certain range and the supply-demand dynamics impacted prices.

However, London Metal Exchange (LME) platform as well, inching up by slight $0.21/pound to $23.34/pound.

Ferro vanadium prices remain range-bound

Indian ferro vanadium prices remained largely stable, with FeV 50% prices ranging between INR 1,260,000-1,280,000/t ($15,079-$15,319/t) ex-works (50% prorate). Dull demand from the steel industry and continual shortages of raw material have compelled the producers to make their decisions cautiously regarding operations.

IEX spot prices decline

Spot electricity prices on the Indian Energy Exchange (IEX) experienced a 13% decline to INR 4.74/unit during the period from 9 June to 15 June, compared to the previous week's rate of INR 5.43/unit. Proactive measures were taken to meet increased demand resulted in a higher number of bids on the sell-side, which in turn lowered prices on the exchange. This week, sell bids exceeded buy bids by a factor of 1.18.

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