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Weekly round-up: Ferroalloys prices reflect mixed trends even as buyers adopt caution

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Silico Manganese

BigMint Bureau

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26 Oct 2024, 14:07 IST

Weekly round-up: Ferroalloys prices reflect mixed trends even as buyers adopt caution

Ferro silicon prices fall as buyers refuse to accept high offers

Silico manganese offers decline on poor steel demand

Ferro silicon prices drop

Indian ferro silicon (FeSi: 70%) prices declined by around INR 1,300/t ($16/t) w-o-w to INR 107,300/t ($1,276/t) exw-Guwahati on 25 October. Meanwhile, prices in Bhutan dropped by INR 900/t ($11/t) at INR 107,100/t ($1,274/t) exw. Prices dropped as there was resistance at higher offers which were being quoted earlier when the Meghalayan plants were still under suspension. Thus, some buyer-seller negotiations led to the price drop.

Additionally, the Meghalaya State Electricity Regulatory Commission (MSERC) proposed a tariff hike for ferro alloys industries, raising rates by INR 1.47/kVah to INR 6.47/kVah, which may impact ferro silicon prices soon.

Ferro chrome prices stable amid bid-offer disparity

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) remained largely stable, inching up by INR 150/t ($2/t) w-o-w to INR 110,550/t ($1,315/t) exw-Jajpur on 25 October. Prices were steady as bid-offer disparities prevailed. Following the latest auction of the Odisha Mining Corporation (OMC), offers were raised by most suppliers, but these faced resistance from buyers.

Meanwhile, prices of 304-grade stainless steel hot-rolled coils (HRCs) were stable w-o-w at INR 182,000/t ($2,165/t) exw-Mumbai. Weak demand continued to weigh on the market, and mainly need-based procurement was observed.

Imported manganese ore prices stable w-o-w

Prices of imported manganese ore (Mn 37-46%) remained unchanged w-o-w. Mn44% from Gabon stood at $4.1/dry metric tonne unit (dmtu), Mn46% from Australia was at $4.4/dmtu CIF India, and Mn37% from South Africa at $3.85/dmtu.

Cargo arrivals for manganese ore rose significantly w-o-w for Mn37%, Mn44%, and Mn46%.

Silico manganese prices face pressure on poor steel demand

Indian silico manganese prices declined this week as steel mills, dealing with weak demand, approached procurement more cautiously. Notably, tags for the 60-14 grade drifted down by INR 950/t ($11t) w-o-w to INR 66,900-68,200/t ($796-811/t) exw in Raipur, Durgapur, and Visakhapatnam. The slowdown in silico manganese was also compounded by market uncertainty and limited export demand. However, stable offers for imported ore supported prices to a certain degree.

Prices of silico manganese (65-16) stood at $926/t FOB Vizag/Haldia, India, inching down $6/t w-o-w.

Meanwhile, the domestic steel billet index witnessed a significant drop w-o-w by INR 1,600/t ($19/t) and stood at INR 39,400/t ($469/t) exw-Raipur on 25 October 2024.

Ferro manganese prices fall on market slowdown

Indian ferro manganese (HC70%) prices declined by around INR 1,800/t ($21/t) w-o-w to INR 69,200/t ($823/t) exw in Raipur and by INR 2,000/t ($24/t) w-o-w to INR 69,000/t ($821/t) in Durgapur. The market response remained muted because of higher quotes due to which prices dropped this week.

Additionally, prices of ferro manganese (HC 75%) stood at $930/t FOB Vizag/Haldia, down $10/t w-o-w.

Ferro molybdenum prices decline

Domestic ferro molybdenum prices fell by INR 51,000/t ($607/t) w-o-w. As of 25 October, prices were at INR 2,591,000/t ($30,815/t) exw-Nagpur on a 60% pro-rata basis. The downward trend in prices was because of the reluctance to accept higher offers. Additionally, prices fluctuated, as global and domestic markets did not experience any major movement.

The London Metal Exchange (LME), prices were largely steady w-o-w, with a slight increase of $0.09/lb to $22.01/lb.

Indian ferro vanadium prices edge down

Indian ferro vanadium prices inched down by INR 12,000/t ($143/t) w-o-w to INR 1,152,000/t ($13,700/t) exw-Raipur (for FeV 50%).The minor price drop resulted from manufacturers' reluctance to sell. Low market activity, driven by major producers' price cuts, led to stagnant supply and demand.

IEX spot prices remain largely stable

Spot electricity prices on the Indian Energy Exchange (IEX) remained largely stable with slight decline by 2% to INR 3.36/unit during the week (20 October-26 October) from the previous price of INR 3.44/unit.

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