Weekly round-up: Ferroalloys prices diminish w-o-w on subdued market activity, poor demand

• Silico manganese prices decline sharply on limited demand
  
  
• Ferro chrome prices shrink on lower acceptance of higher offers
  
  
• Ferro silicon prices fall on bid-offer disparity
  
  

Silico manganese prices decline on limited buying activities, falling exports

Silico manganese prices in India dropped w-o-w by INR 3,100/t ($37/t) to INR 70,000-71,000/t ($838-850/t) exw across markets (Raipur, Durgapur and Vishakhapatnam). The silico manganese market experienced weaker-than-anticipated buying activity in both domestic and export markets. Hence prices diminished. Additionally, silico manganese export prices hit a 2-month low due to delays in container allotment and reduced demand.

Meanwhile, the domestic steel billet index stood at INR 39,500/t ($473/t) exw-Raipur, down INR 350/t ($4/t) w-o-w on 12 July at 18:02 hrs.

Ferro manganese prices fall sharply on weak overseas demand

Ferro manganese (HC70%) prices decreased significantly w-o-w by INR 3,400/t ($41/t) in Raipur, reaching INR 80,000/t ($958/t) exw. Meanwhile, in Durgapur, prices dropped by INR 4,200/t ($50/t) w-o-w to INR 79,300/t ($949/t). Prices dropped on tepid demand in the domestic and global markets.

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 $0.25/dmtu to $5.3/dmtu; Mn44% from Gabon stood at $9/dmtu down by $0.15/dmtu; while Mn46% of Australian-origin stood at $9.6/dmtu, unchanged w-o-w. All prices are CIF India.

However, cargo arrivals for manganese ore were exponentially high w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices dip on unacceptance of higher quotes

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) declined by INR 1,250/t ($15/t) on 12 July, settling at INR 109,750/t ($1,314/t) exw-Jajpur. Prices dropped as resistance continued in the market towards higher offers. On the other hand, the cost of stainless steel for 304 grade HRC stayed constant w-o-w at $178/t ($2,131/t) exw-Mumbai.

Further price clarity would be drawn post Vedanta-Ferro Alloys Corporation Ltd (FACOR) auction for high-carbon (HC) ferro chrome (0-150 mm) on 15 July, 2024.

Ferro silicon prices decrease on bid-offer spread

Indian ferro silicon (FeSi:70%) prices fell w-o-w by INR 2,500/t ($30/t) settling at INR 92,500/t ($1,108/t) exw-Guwahati on 12 July. Meanwhile, Bhutan's prices fell by INR 1,400/t ($17/t), reaching INR 93,600/t ($1,121/t) exw. Prices fell as there was resistance to new offers. Additionally, global prices are under pressure which is discouraging bulk bookings, further dampening demand.

Ferro molybdenum prices remain largely stable

Domestic ferro molybdenum prices remained largely stable w-o-w with slight increase by INR 8,000/t ($96/t). As on 12 July, prices stood at INR 2,710,000/t ($32,448/t) exw-Nagpur on a 60% pro rata basis. Prices inched up following positive sentiments in the global market along with good domestic demand. In addition, prices on the London Metal Exchange (LME) increased by $0.19/pound w-o-w to $22.94/pound.

Ferro vanadium prices fall on weak demand

Indian ferro vanadium prices declined on 10 July, 2024, with FeV 50% prices at INR 1,205,000/t ($14,432/t) ex-works (50% prorate) diminished w-o-w by INR 50,000 ($599/t), as per BigMint's assessment. The ferro vanadium market in India took a downtrend this week with sluggish demand and need-based purchases.

IEX spot prices move up

Spot electricity prices rose 15% w-o-w to INR 4.8/unit from 6 July to 13 July, up from the previous week's rate of INR 4.2/unit. Uneven rainfall across the country created a disparity in buy-sell bids, prompting buyers to increase their offers for power purchases.

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