Weekly round-up: Ferroalloys prices show divergent sentiments amid cautious market signals

• Silico manganese prices drop on weak buying interest
  
  
• Ferro chrome prices decline, market awaits OMC auction
  
  

Silico manganese prices decline on lower bids

Silico manganese prices in India fell by INR 5,600/t ($67/t) to INR 86,700-89,300/t ($1,041-1,072/t) exw across major markets of Raipur, Durgapur, and Vizag. This surprising downtrend was observed because of need-based buying activity in both domestic and export markets. Given that domestic steel purchasers are moving towards a wait-and-see strategy and avoiding large holdings of manganese alloy material, domestic silico manganese prices might fluctuate in the near future.

However, the domestic steel billet index stood at INR 44,750/t ($537/t) inched up by INR 250/t ($3/t) exw-Raipur on 17 May at 17:59 hrs.

Ferro manganese prices fall

Ferro manganese (HC70%) prices edged down by INR 5,400/t ($65/t) in Raipur, reaching INR 91,000/t ($1,092/t) exw. Meanwhile, in Durgapur prices also declined and stayed at INR 92,100/t ($1,106/t). Prices shrank as there was lack of acceptance of higher offers and a lot of panic buying happened that resulted in lower prices.

Imported manganese ore prices consistent

Prices of imported manganese ore Mn37-46% remained unchanged this week after a continual increase from past two weeks. Prices of Mn37% (South African origin) were assessed at $6.4/dmtu, Mn44% (Gabonese origin) at $7.05/dmtu, and Mn46%(Australian origin) at $7.55/dmtu, up by $0.95/dmtu. All prices are CIF India.

Meanwhile, cargo arrivals for manganese ore slightly up by 47% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices decline

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) inched down by INR 400/t ($5/t) on 17 May, settling at INR 106,500/t ($1,279/t) exw-Jajpur Prices fell as market awaits OMC's chrome ore auction on 21 May.

However, prices of 304 grade stainless steel increased by INR 2,000/t ($24/t) w-o-w to INR 177,000/t ($2,120/t) exw-Mumbai.

Ferro silicon prices inch down on market instability

Indian ferro silicon (FeSi:70%) prices declined by INR 1,600/t ($19/t), settling at INR 100,400/t ($1,205/t) exw-Guwahati on 17 May, down by INR 1,200/t ($14/t). Meanwhile, Bhutan prices were also down by INR 2,000/t ($24/t), reaching INR 99,400/t ($1,193/t) exw. Prices fell as there was some uncertainty regarding demand, especially in Bhutan.

Ferro molybdenum prices steady amid market stability

Indian ferro molybdenum prices remained steady while edging up slightly by INR 23,000/t ($276/t). As on 17 May, prices stood at INR 2,643,000/t ($31,729/t) exw-Nagpur on a 60% pro rata basis. Prices in India were consistent as there were no significant fluctuations in the market and demand was at normal levels, prices stayed stable. However, prices on London Metal Exchange (LME) platform saw little movement in pricing, falling by $0.78/pound to $21.8/pound.

Ferro vanadium prices inch down

Indian ferro vanadium prices inched down due to limited buying interest. FeV 50% prices hovered around 1,180,000-1,200,000/t ex-works (50% prorate). Traders noted imported material availability at 1,140,000-1,150,000/t ex-works due to weak demand. High-price transactions were minimal, and most market participants remain in a wait-and-see mode.

IEX spot prices largely stable

Spot electricity prices at the Indian Energy Exchange (IEX) remained largely stable this week, recorded at INR 4.98 per unit during the period from 12 to 18 May, compared to INR 5.12 per unit last week.

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