Weekly round-up: Ferroalloys prices dip w-o-w except ferro chrome. Know why?

• Silico manganese prices fall on limited overseas demand
  
  
• Ferro chrome prices increase after OMC, FACOR auctions
  
  
• Ferro silicon prices drop on limited inquiries
  
  

Silico manganese prices drop significantly

Silico manganese prices in India declined w-o-w by INR 3,200/t ($38/t) to INR 75,800-76,500/t ($909-918/t) exw across markets (Raipur, Durgapur and Vishakhapatnam). Surplus supply in the market due to limited export demand and diversions in the domestic market pulled prices down w-o-w in key regions.

Meanwhile, the domestic steel billet index stood at INR 40,800/t ($489/t) exw-Raipur, down INR 400/t ($5/t) w-o-w on 29 June at 11:54 hrs.

Ferro manganese prices shrink

Ferro manganese (HC70%) prices witnessed a significant decline w-o-w by INR 1,500/t ($18/t) in Raipur, reaching INR 87,100/t ($1,045/t) exw. Meanwhile, in Durgapur, prices went down by INR 2,700/t ($32/t) to INR 86,300/t ($1,035/t). Prices dropped as demand remained limited due to limited acceptance of higher offers.

Imported manganese ore prices stable

Prices of imported manganese ore (Mn37-46%) remained largely firm w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.7/dmtu to $5.8/dmtu; Mn44% from Gabon stood at $8.45/dmtu remained unchanged; while Mn46% of Australian origin stood at $9.05/dmtu, unmoved w-o-w. All prices are CIF India.

However, cargo arrivals for manganese ore fell by 32% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices rise post-OMC auction

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) moved up w-o-w by INR 1,100/t ($13/t) on 28 June, settling at INR 111,100/t ($1,334/t) exw-Jajpur. Prices reached a 3-month high post higher bids placed in OMC's chrome ore auction.

Additionally, at Vedanta-FACOR's ferro chrome auction on 28 June, the larger lot of 10-150 mm fetched an H1 price of INR 110,950/t exw, closer to the base price of INR 110,750/t. For the smaller lot of same size, both the base price and H1 price were at INR 111,250/t.

However, stainless steel prices for 304 grade remained steady even after a slight drop of INR 1,000/t ($12/t) w-o-w to INR 178,000/t ($2,132/t) exw-Mumbai.

Ferro silicon prices decline

Indian ferro silicon (FeSi:70%) drifted down w-o-w by INR 1,100/t ($13/t) settling at INR 95,400/t ($1,1144/t) exw-Guwahati on 28 June. Meanwhile, Bhutan's prices fell by INR 500/t ($6/t), reaching INR 96,600/t ($1,158/t) exw. Prices fell as the market saw fewer inquiries for ferro silicon.

Ferro molybdenum prices fall

Domestic ferro molybdenum prices decreased by INR 107,000/t ($1,284/t) w-o-w. As on 28 June, prices stood at INR 2,693,000/t ($32,304/t) exw-Nagpur on a 60% pro rata basis. Prices dropped as there was resistance to higher offers both in the domestic and international markets.

However, on the London Metal Exchange (LME) prices remained steady with just a minor decrease of $0.16/pound to $23.3/pound.

Ferro vanadium prices inch down

Indian ferro vanadium prices remained largely stable this week, with FeV 50% prices at INR 1,280,000/t ($15,354/t) ex-works (50% prorate), down w-o-w by INR 20,000 ($239/t), as per BigMint's assessment. The ferro vanadium market experienced a downtrend this week with reduced manufacturer quotations and tepid demand.

IEX spot prices decrease

Spot electricity prices on the Indian Energy Exchange (IEX) fell by 11% to INR 5.4/unit during the period from 23-29 June compared to the previous week's rate of INR 6.12/ unit. The arrival of monsoon across the country brings down power demand, resulting in lower clearing prices at the exchange.

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