Weekly round-up: Ferroalloys prices drop w-o-w on limited demand, cautious market moves

• Silico manganese prices decrease w-o-w on delayed purchases
  
  
• Ferro chrome prices drop post-conclusion of FACOR's auction
  
  
• Ferro silicon prices fall after Bhutan's price announcement
  
  

Silico manganese prices drop w-o-w on delay in purchases

Silico manganese prices in India dropped w-o-w by INR 1,500/t ($18/t) to INR 68,600-69,400/t ($819-829/t) exw across markets (Raipur, Durgapur and Vishakhapatnam). A persistent lack of buying activity from domestic steel mills has been a primary driver of the price decline.

However, the domestic steel billet index stood at INR 39,900/t ($465/t) exw-Raipur, up by INR 600/t ($7/t) w-o-w on 19 July at 17:55 hrs.

Ferro manganese prices down on unacceptance of higher offers

Ferro manganese (HC70%) prices decreased sharply w-o-w by INR 2,300/t ($27/t) in Raipur, reaching INR 77,700/t ($928/t) exw. Meanwhile, in Durgapur, prices diminished by INR 2,300/t ($27/t) w-o-w to INR 77,000/t ($920/t). Prices continued to stay on the lower side due lower acceptance of higher offers and subdued demand.

Imported manganese ore prices inch up

Prices of imported manganese ore (Mn37-46%) inched up w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.4/dmtu to $4.9/dmtu; while, Mn44% from Gabon stood at $9.2/dmtu, up by $0.2/dmtu; while Mn46% of Australian-origin stood at $9.7/dmtu, inched up by $0.1/dmtu w-o-w. All prices are CIF India.

However, cargo arrivals for manganese ore were up by 4% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices drop to 1-month low post-FACOR's auction

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) declined by INR 1,150/t ($14/t) on 19 July, settling at INR 108,600/t ($1,298/t) exw-Jajpur. Prices decreased as resistance towards higher offers persisted in the market. On the other hand, prices of 304 grade HRC dropped slightly by INR 1,000/t ($12/t) w-o-w to INR 177,000/t ($2,117/t) exw-Mumbai.

Further clarity on prices would be there post OMC's auction of 65,700 t of chrome ore on 20 July with a slight base price reduction of INR 35-892/t m-o-m across grades.

Ferro silicon prices decline post-Bhutan's price offers

Indian ferro silicon (FeSi:70%) prices fell w-o-w by INR 500/t ($6/t) settling at INR 92,000/t ($1,99/t) exw-Guwahati on 19 July. Meanwhile, Bhutan's prices fell by INR 500/t ($6/t), reaching INR 93,100/t ($1,121/t) exw. Prices diminished as deals were concluded at lower rates, and lowered acceptance towards higher offers.

Ferro molybdenum prices down on lesser inquiries

Domestic ferro molybdenum prices dropped w-o-w by INR 44,000/t ($526/t). As on 19 July, prices stood at INR 2,666,000/t ($31,863/t) exw-Nagpur on a 60% pro rata basis. Prices decreased as the market saw fewer inquiries and there was adequate supply of material. In addition, the London Metal Exchange (LME) remained stable w-o-w at $22.95/pound.

Ferro vanadium prices largely stable on cautious market moves

Indian ferro vanadium prices declined on 17 July, 2024, with FeV 50% prices at INR 1,196,000/t ($14,294/t) ex-works (50% prorate) inched down w-o-w by INR 9,000 ($108/t), as per BigMint's assessment. The ferro vanadium market in India took a downtrend this week with poor demand and cautious market outlook.

IEX spot prices rise

Spot electricity prices rose 14% w-o-w to INR 5.49/unit from 14 July to 20 July, up from the previous week's rate of INR 4.2/unit. The gradual increase in power consumption, exacerbated by uneven rainfall across the country, has compelled power producers to fulfill more of their term contracts, resulting in a reduced quota available for sale on the exchanges. This reduction was evident in a significant 22% drop in supply-side bids, leading to a spike in power prices.

Trade

Auction Result

Auction Notice