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Weekly round-up: Ferro alloys prices show mixed trends w-o-w

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Ferro Silicon

BigMint Bureau

220 Reads

2 Mar 2024, 16:15 IST

Weekly round-up: Ferro alloys prices show mixed trends w-o-w

Ferro silicon prices dips by $23/t w-o-w

Imported manganese ore prices witness an uptick post price announcement

Indian Ferro chrome prices move up on cautious market outlook

Indian ferro silicon (FeSi:70%) prices dropped by INR 1,875/t ($23/t) ex-Guwahati and Bhutan. Market awaits Bhutan's prices announcements, and market players anticipated prices to go down further. As of 1 March, BigMint reported ferro silicon prices in India at INR 104,600/t ($1,262/t), down INR 1,700/t ($21/t) exw-Guwahati and INR 104,800/t ($1,264/t) exw-Bhutan, decreased by INR 2,050/t ($25/t).

Domestic ferro chrome prices rise, on cautious market moves

On 1 March, Indian ferro chrome (HC 60%, Si:4%) prices rose by INR 700/t ($8/t), reaching INR 121,700/t ($1,468/t) exw-Jajpur. Prices witnessed an uptick despite market participants opted to wait and see and made only need-based purchases post-OMC's chrome ore auction. Meanwhile, stainless steel prices saw a slight increase of INR 2,000/t w-o-w ($24/t) and were INR 176,000/t ($2,123/t) exw-Mumbai.

Imported manganese ore prices rise

Prices of imported manganese ore Mn: 37-46% climbed up this week. Prices of Mn37% were assessed at $4.10/dmtu up by 0.05/t, Mn44% at $4.5/dmtu up by $0.1/t, and Mn46% at $4.8/dmtu, up by $0.1/dmtu. All prices are CIF India weekly. Cargo arrivals for manganese ore were largely stable for Mn37%, Mn44%, and Mn46%.

Meanwhile, MOIL, the Indian state-owned PSU miner, has rolled over manganese ore prices for March, 2024. However, for grades below 44%, the miner has lifted offers by 5% m-o-m.

Lower bids cause Indian silico manganese prices fall w-o-w

Indian silico manganese prices fell by INR 800/t ($10/t) as the export demand declined and unacceptance of higher quotes waned in the market. Export prices for silico manganese (60-14) were $822/t FOB, inched down $18/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $922/t, went down by $23/t.

On 1 March, silico manganese (60-14) was trading at around INR 66,900-67,300/t ($807-$812/t) exw Durgapur, Raipur, and Vizag.

However, the domestic steel billet index stood at INR 39,500/t ($477/t) exw-Raipur on 24 February at 12:00 hrs, which increased by INR 350/t ($4/t).

Ferro manganese prices remain strong with minor fluctuation

Ferro manganese (HC70%) prices were stable with a minor decline by INR 50/t ($1/t) as the overseas demand diminished. Ferro manganese prices in Raipur and Durgapur on 1 March varied between INR 67,800 and INR 67,850/t ($818-$819/t), a minor decrease of INR 50/t ($1/t).

IEX spot prices largely stable

Spot electricity prices at Indian Energy Exchange (IEX) were largely stable with a slight decline by 1% this week to INR 4.22/unit this week (25 February-2 March) against INR 4.25/unit last week. The market saw reduced buying activity w-o-w. However, not much improvement in bids availability on the supply-side impeded a steep fall in prices.

Ferro molybdenum prices edge down

Indian ferro molybdenum prices head south this week, down by INR 40,000/t ($483/t) this week. Hesitancy in acceptance of higher quotes led to price fall. However, in the London Metal Exchange (LME) platform, prices experienced a w-o-w increase of $0.21/pound, reaching $20.35/pound. As of 1 March, prices for Indian ferro molybdenum were at INR 2,410,000/t ($29,077/t) exw-Nagpur on a 60% pro rata basis.

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