Weekly round-up: Ferroalloys prices reflect mixed trends

• Silico manganese prices hit 5-month low
  
  
• Ferro chrome prices remain stable amid bid-offer disparity
  
  

Silico manganese prices hit 5-month low amid panic sales

Silico manganese prices declined w-o-w by around INR 1,000/tonne (t) ($12/t) to INR 65,800-66,000/t ($783-786/t) exw in Raipur, Durgapur, and Visakhapatnam. Indian silico manganese prices have continued their downtrend, reaching a five-month low amid panic selling and falling offers. This w-o-w decline highlighted the ongoing challenges in the market.

The domestic steel billet index stood at INR 37,300/t ($444/t) exw-Raipur, down by INR 500/t ($6/t) w-o-w as of 13 September 2024.

Ferro manganese prices fall on weak demand

India's ferro manganese (HC70%) prices in Raipur diminished by around INR 2,000/t ($24/t) w-o-w to INR 71,000/t ($845/t) exw. Meanwhile, in Durgapur, prices also declined by around INR 2,200/t ($26/t) w-o-w to INR 70,800/t ($843/t). The continued subdued demand has weighed on the domestic ferro manganese prices.

Imported manganese ore prices decline

Prices of imported manganese ore (Mn 37-46%) decreased w-o-w. Mn44% from Gabon down by $1/dry metric tonne unit (dmtu) to $5.05/dmtu, while Mn46% from Australia down by $1.05/dmtu to $5.4/dmtu CIF India, Mn37% from South Africa also declined by $0.1/dmtu to $3.9/dmtu.

However, cargo arrivals for manganese ore increased by 55% for Mn37%, Mn44%, and Mn46% w-o-w.

Ferro chrome prices largely stable on bid-offer divergences

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) remained largely stable, with a marginal hike of INR 400/t ($1/t) w-o-w to INR 107,000/t ($1,275/t) exw-Jajpur on 13 September. Prices witnessed stability, as there was resistance from buyers towards extreme higher offers.

However, stainless steel prices for 304 grade HRC went down by INR 1,000/t ($12/t) w-o-w to INR 182,000/t ($2,167/t) exw-Mumbai.

Ferro silicon prices inch up amid production cuts

Indian ferro silicon (FeSi:70%) prices inched up by around INR 500/t ($6/t) w-o-w to settle at INR 88,400/t ($1,053/t) exw-Guwahati on 13 September. Meanwhile, prices in Bhutan inched up by INR 1,000/t ($12/t) w-o-w, reaching INR 89,000/t ($1,060/t) exw. Prices increased as producers in the Northeast raised their offers to match Bhutan's ones, which were initially announced at INR 88,000/t ($1,048/t) for the month.

Ferro molybdenum prices rangebound on stable global demand

Domestic ferro molybdenum prices inched down by INR 16,000/t ($191/t) w-o-w. As of 13 September, prices were at INR 2,575,000/t ($30,683/t) exw-Nagpur on a 60% pro-rata basis. Global demand was stable for the second consecutive week, majorly due to end-users in China.

Additionally, prices on the London Metal Exchange (LME) platform stayed steady, with a slight w-o-w increase of $0.17/lb to $21.64/lb.

Indian ferro vanadium prices edge up on rising global demand

Indian ferro vanadium (FeV) prices inched up by INR 33,000/t ($393/t) w-o-w on Wednesday as the overall global demand improved. FeV 50% prices were at INR 1,155,000/t ($13,763/t) exw-Raipur (50% prorate. Rising prices attracted limited buyer interest, with few deals closed at higher offers. Domestic FeV prices are anticipated to stay steady, reflecting market caution amid a gradual global demand recovery.

IEX spot prices down w-o-w

Spot electricity prices on the Indian Energy Exchange (IEX) declined to INR 3.26/unit from 8-14 September, down by 13% w-o-w from the previous week's INR 3.75/unit. Power prices have been trending lower due to decreased demand resulting from excess rainfall across the country. This week, the gap between power sell and buy side bids widened to 2.42, while the clearance price on the exchange was assessed below the INR 4/unit mark on a daily basis.

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