Weekly round-up: Ferro alloys prices show mixed trends w-o-w
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- Silico manganese prices stable amid output cuts
- Ferro chrome prices downtrend post-key auctions
- Ferro silicon prices follow Bhutan's downtrend
Silico manganese prices largely stable on need-based buying
Silico manganese prices remained largely stable w-o-w, inching up by INR 550/t ($7/t) to INR 68,800-69,300/t ($821-827/t) exw across Raipur, Durgapur and Vishakhapatnam markets. The Indian domestic silico manganese market saw price stability this week after a recent decline owing to production cuts. Demand remained subdued with need-based buying, though price variations persisted among different producers.
However, the domestic steel billet index stood at INR 38,550/t ($460/t) exw-Raipur, slightly down by INR 50/t ($1/t) w-o-w on 3 August.
Ferro manganese prices inch up in stable market
India's ferro manganese (HC70%) prices inched up w-o-w by INR 400/t ($5/t) in Raipur to INR 76,000/t ($907/t) exw. Meanwhile, in Durgapur, prices rose by INR 900/t ($11/t) w-o-w to INR 76,100/t ($908/t). Prices witnessed an uptick as market activities remained stable this week. Additionally, some production cuts and shutdowns can also be the reason for the slight rise in prices.
Imported manganese ore prices largely stable
Prices of imported manganese ore (Mn37-46%) remained largely stable w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.2/dmtu to $4.45/dmtu; while, Mn44% from Gabon stood at $9.1/dmtu, remaining unchanged. Prices of Mn46% of Australian-origin remained unchanged at $9.7/dmtu w-o-w. All prices are CIF India.
However, cargo arrivals for manganese ore Mn37%, Mn44%, and Mn46% rose.
Ferro chrome prices continue to downtrend post-key auctions
Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) dropped by INR 1,700/t ($20/t) on 2 August, settling at INR 105,500/t ($1,259/t) exw-Jajpur. Prices dropped as demand remained subdued, which was reflected in Vedanta-FACOR's auction on 29 July where bid prices dropped. On the other hand, stainless steel prices of 304 grade HRC witnessed a slight uptick of INR 1,000/t ($12/t) w-o-w to INR 177,000/t ($2,114/t) exw-Mumbai.
Ferro silicon prices decline post-Bhutan price announcements
Indian ferro silicon (FeSi:70%) prices declined by INR 1,000/t ($12/t) w-o-w, settling at INR 91,000/t ($1,086/t) exw-Guwahati on 2 August. Meanwhile, Bhutan's prices fell by INR 1,700/t ($20/t), reaching INR 91,000/t ($1,086/t) exw. The decline is linked to weakened demand and resistance to previous higher prices. Indian producers, especially in the northeast, are anticipated to align with these new rates in the near future.
Ferro molybdenum prices stable amid slow purchases
Domestic ferro molybdenum prices remained largely stable w-o-w, rising by INR 9,000/t ($107/t). As on 2 August, prices stood at INR 2,557,000/t ($30,514/t) exw-Nagpur on a 60% pro rata basis. Prices remained largely stable as buying activities remained slow in the domestic market.
However, prices on the London Metal Exchange (LME) platform also stayed stable with a marginal w-o-w drop of $0.44/pound to $22.15/pound.
Ferro vanadium prices stable in stagnant market
Indian ferro vanadium prices decreased on 24 July, 2024, w-o-w by INR 22,600 ($270/t). FeV 50% prices stood at INR 1,174,000/t ($14,026/t) exw-Raipur (50% prorate) as per BigMint's assessment. This stability is attributed to lack of significant demand for special steels, leading to need-based transactions. The overall market activity remained quiet as suppliers and buyers adjusted to the current demand-supply dynamics.
IEX spot prices rise
Spot electricity prices increased by 15% w-o-w to INR 5.59/unit from 28 July to 3 August, up from the previous week's rate of INR 4.87/unit. This uptick was accompanied by a notable surge in buying activity, with overall purchase bids increasing by 23% compared to the previous week. The buying interest was 1.15 times greater than the sell-side bids, leading to a higher clearing price for power procurement.
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