Weekly round-up: Ferroalloys prices decline on cautious market outlook

• Silico manganese prices decline to over a 3-month low
  
  
• Ferro chrome prices drop post-OMC's chrome ore auction
  
  
• Ferro silicon prices remain stable on market stagnancy
  
  

Silico manganese prices hit more than 3-month low

Silico manganese prices in India dropped w-o-w by INR 1,000/t ($12/t) to INR 68,200-68,800/t ($814-822/t) exw across markets (Raipur, Durgapur and Vishakhapatnam). Indian domestic silico manganese prices have continued their downward trajectory, reaching over three-month low. Steel mills are adopting a cautious approach to procurement, opting for need-based purchases amidst expectations of further price declines.

Meanwhile, the domestic steel billet index stood at INR 38,600/t ($461/t) exw-Raipur, down by INR 1,300/t ($16/t) w-o-w on 26 July at 17:53 hrs.

Ferro manganese prices decrease w-o-w on weak market sentiment

India's ferro manganese (HC70%) prices persisted downtrend w-o-w by INR 2,100/t ($25/t) in Raipur, reaching INR 75,600/t ($903/t) exw. Meanwhile, in Durgapur, prices diminished by INR 1,800/t ($21/t) w-o-w to INR 75,200/t ($898/t). Prices continued to decline on the lower side as the market remained slow with its trades and only need-based purchases took place.

Imported manganese ore prices inch down

Prices of imported manganese ore (Mn37-46%) inched down w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.2/dmtu to $4.65/dmtu; while, Mn44% from Gabon stood at $9.1/dmtu, down by $0.1/dmtu; while Mn46% of Australian-origin remained unchanged at $9.7/dmtu w-o-w. All prices are CIF India.

However, cargo arrivals for manganese ore were down by 54% w-o-w for Mn37%, Mn44%, and Mn46%.

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

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) dropped by INR 1,400/t ($17/t) on 26 July, settling at INR 107,200/t ($1,280/t) exw-Jajpur. Prices dropped as market conditions remained subdued and bid prices also dropped m-o-m in OMC's chrome ore auction. The entire 65,700 t of material were sold out in the chrome ore auction held by OMC on 20 July. But in comparison to the June's auction, bid prices dropped by INR 388-3,085/t (3-14%).

On the other hand, stainless steel prices for 304 grade HRC fell slightly by INR 1,000/t ($12/t) w-o-w to INR 176,000/t ($2,103/t) exw-Mumbai.

Ferro silicon prices stay largely stable on market stagnancy

Indian ferro silicon (FeSi:70%) prices remained static w-o-w, settling at INR 92,000/t ($1,099/t) exw-Guwahati on 26 July. However, Bhutan's prices fell by INR 400/t ($5/t), reaching INR 92,700/t ($1,107/t) exw. Variations in bids and offers continued to weigh on the ferro silicon market although no significant drop in trade prices have been reported.

Ferro molybdenum prices decline sharply on limited inquiries

Domestic ferro molybdenum prices witnessed a significant drop w-o-w by INR 100,000/t ($1,194/t). As on 26 July, prices stood at INR 2,566,000/t ($30,641/t) exw-Nagpur on a 60% pro rata basis. Prices decreased because there were still few inquiries and enough inventory. In addition, the London Metal Exchange (LME) remained stable w-o-w at $22.59/pound.

Ferro vanadium prices edge down on dull demand

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. The ferro vanadium market in India persisted its downtrend this week as the market witnessed lower trade activities and unacceptance towards higher quotes.

IEX spot prices down

Spot electricity prices declined by 11% w-o-w to INR 4.87/unit from 21 July to 27 July, up from the previous week's rate of INR 5.49/unit. Prices declined due to decreased buying activity, as reflected by a significant 13% drop in buy bids on the exchange w-o-w.

Trade

Auction Result

Auction Notice