Weekly round-up: Ferroalloys prices show mixed trend on varying market sentiments

• Silico manganese prices inch down on subdued demand
  
  
• Ferro chrome prices edge up post after recent auction
  
  

Silico manganese prices inch down on reduced trade activities

Silico manganese prices remained largely stable with a slight decline of around INR 400/tonne ($5/t) w-o-w to INR 67,700-67,900/t ($807-809/t) exw in Raipur, Durgapur and Vishakhapatnam. The Indian domestic silico manganese market has inched down this week, with delayed booking activity by steel mills. Subdued demand has hampered the overall market environment.

Meanwhile, the domestic steel billet index stood at INR 38,350/t ($457/t) ex-works Raipur, down INR 100/t ($1/t) w-o-w as of 30 August.

Ferro manganese prices inch down on need-based demand

India's ferro manganese (HC70%) prices inched down w-o-w by around INR 900/t ($11/t) in Raipur to INR 73,600/t ($877/t) exw. Meanwhile, in Durgapur, prices dropped marginally by around INR 900/t ($11/t) w-o-w to INR 73,400/t ($875/t). Prices followed a downward trend this week as the market demand continued to be weak amid need-based buying.

Imported manganese ore prices largely stable

Prices of imported manganese ore (Mn 37-46%) were largely stable w-o-w. Mn37% from South Africa was steady at $4/dmtu. Mn44% from Gabon inched down by $0.05/dmtu to $6.15/dmtu, while Mn46% from Australia also inched down by $0.05/dmtu to $6.6/dmtu CIF India. Ore prices were impacted by the overall downtrend in the manganese alloys market.

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

Ferro chrome prices inch up post conclusion of recent auction

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) inched up w-o-w by INR 300/t ($4/t) on 30 August, reaching INR 107,000/t ($1,275/t) ex-works Jajpur. Prices have reached almost a one-month high following higher bids at the recent chrome ore auction of Odisha Mining Corporation (OMC). Offers increased, which garnered acceptance among buyers in the market.

Stainless steel prices for 304 grade HRC have been increasing over the past few weeks. On a w-o-w basis, prices increased by INR 2,000/t ($24/t) to INR 183,000/t ($2,181/t) exw-Mumbai.

Ferro silicon prices remain stable as market awaits Bhutan's offers

Indian ferro silicon (FeSi:70%) prices remained stable with a slight fluctuation, declining by around INR 2,700/t ($32/t) w-o-w to settle at INR 85,900/t ($1,024/t) ex-works Guwahati on 30 August. Meanwhile, prices in Bhutan decreased slightly by INR 200/t($2/t) w-o-w, reaching INR 88,800/t ($1,059/t) ex-works. Prices were stable as routine trades were carried out in the market and no other significant changes were seen.

Ferro molybdenum prices inch up

Domestic ferro molybdenum prices inched up by INR 20,000/t ($238/t) w-o-w. As of 30 August, prices were at INR 2,497,000/t ($29,765/t) ex-works Nagpur on a 60% pro rata basis. This price uptick was driven by a rise in inquiries in both domestic and export markets.

Indian ferro vanadium prices edge down on poor demand

On August 28, Indian ferro vanadium (FeV) prices fell by INR 18,750/t ($223/t) w-o-w, indicating a weak market outlook. FeV 50% prices stood at INR 1,131,250/t ($13,474/t) exw-Raipur, amid sluggish demand. A key producer suggested that prices could drop further due to recent import duty removals on raw materials, pressuring producers to lower their offers.

IEX spot prices decline w-o-w

Spot electricity prices hit a low of INR 3.10/unit during 25 August-31 August, down by 27% w-o-w from the previous week's INR 4.24/unit. This continued decline in prices is due to adequate grid power availability, which has led producers to sell surplus power on the exchange. Additionally, with no significant improvement in buying activity, prices have further corrected. Consequently, the sell-to-buy side bid ratio widened to 2.18 this week, compared to 1.53 last week.

Trade

Auction Result

Auction Notice