Go to List

Weekly round-up: Ferro alloys prices show mixed trends even as market uncertainty prevails

...

Silico Manganese
By
378 Reads
2 Nov 2024, 13:52 IST
Weekly round-up: Ferro alloys prices show mixed trends even as market uncertainty prevails

  • MOIL cuts manganese ore prices up to 7% m-o-m for Nov'24

  • Ferro silicon prices stable as market awaits new offers from Bhutan

  • Silico manganese offers continue to decline on subdued demand

MOIL cuts manganese ore offers up to 7% m-o-m

India's leading manganese ore producer, MOIL, has announced new prices effective 1 November 2024. Grades above 44% will see a 7% price reduction, while grades below 44%, including SMGR and fines, will be lowered by 1% m-o-m.

Imported manganese ore prices down w-o-w

Prices of imported manganese ore (Mn 37-46%) decreased w-o-w. Mn44% from Gabon stood at $4.05/dry metric tonne unit (dmtu), down by $0.05/dmtu, Mn46% from Australia was at $4.35/dmtu CIF India, down by $0.05/dmtu and Mn37% from South Africa unchanged at $3.85/dmtu.

Additionally, South32 Ltd the world's leading miner raised its offer price for 37% grade South African semi-carbonated manganese ore lump to $3.80/dmtu CIF China for December shipments, reflecting a $0.10/dmtu m-o-m increase. Moreover, Eramet Comilog has also set the price for Mn 44.5% Gabonese lump at $3.95/dmtu CIF China for December shipments, unchanged from last month, while 43% grade chips remain at $3.75/dmtu.

Cargo arrivals for manganese ore rose w-o-w by 52% for Mn37%, Mn44%, and Mn46%.

Silico manganese prices edge down w-o-w

Domestic silico manganese prices have dropped to a nearly one-month low due to panic selling and decreasing offers. This week's decline underscores market challenges, with the festival season pressuring buyers to liquidate inventory. Notably, tags for the 60-14 grade drifted down by INR 450/t ($5t) w-o-w to INR 66,600-67,600/t ($791-803/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $912/t FOB Vizag/Haldia, India, down by $14/t w-o-w.

Meanwhile, the domestic steel billet index also inched down w-o-w by INR 350/t ($4/t) and stood at INR 39,050/t ($464/t) exw-Raipur on 30 October 2024.

Ferro manganese prices edge down

Indian ferro manganese (HC70%) prices inched down by around INR 700/t ($8/t) w-o-w to INR 68,500/t ($814/t) exw in Raipur and by INR 900/t ($11/t) w-o-w to INR 68,100/t ($809/t) in Durgapur. Continued poor market demand and lack of acceptance of higher quotes pulled prices down.

Additionally, prices of ferro manganese (HC 75%) stood at $927/t FOB Vizag/Haldia, down $3/t w-o-w.

Ferro silicon market awaits fresh offers from Bhutan

Indian ferro silicon (FeSi: 70%) prices inched up by around INR 500/t ($6/t) w-o-w to INR 107,800/t ($1,281/t) exw-Guwahati on 28 October. However, prices in Bhutan slightly down by INR 100/t ($1/t) at INR 107,000/t ($1,272/t) exw.

Uncertainty surrounded the market, following a power tariff hike in Meghalaya and the expectation of new offers from Bhutan for November on Monday 4 November, with hike in Meghalaya power tariffs some indications are on higher side of INR 110,000/t exw ($1,307/t).

Ferro chrome prices inch down

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) remained largely stable, inching down by INR 650/t ($8/t) w-o-w to INR 109,900/t ($1,306/t) exw-Jajpur on 30 October. Prices were largely stable amid limited demand, and regular trades were carried out at the ongoing market rates. Additionally, resistance was seen towards higher offers.

Meanwhile, prices of 304-grade stainless steel domestic prices of 304-grade hot-rolled coils (HRCs) remained stable w-o-w at INR 182,000/t ($2,164/t) exw-Mumbai.

Ferro molybdenum prices rangebound w-o-w

Domestic ferro molybdenum prices remained largely stable with slight decline by INR 3,500/t ($42/t) w-o-w. As of 30 October, prices were at INR 2,587,500/t ($30,755/t) exw-Nagpur on a 60% pro-rata basis. Price fluctuations occurred, but these were limited to a certain range, mainly due to bid-offer disparities.

The London Metal Exchange (LME) as well, going down slightly by $0.14/lb w-o-w to $21.87/lb.

Indian ferro vanadium prices fall w-o-w

Indian ferro vanadium prices declined by INR 28,250/t ($336/t) w-o-w to INR 1,123,750/t ($13,357/t) exw-Raipur (for FeV 50%). Low buyer acceptance of elevated quotes and raw material price fluctuations have hindered transactions. Weak special steel demand further reduces ferro vanadium demand in India, signaling ongoing price stagnation.

IEX spot prices decline

During 27 October and 2 November spot electricity prices on the Indian Energy Exchange (IEX) fell to INR 2.93 per unit, reflecting a 13% decrease from the previous week's price of INR 3.36 per unit. This sharp decline was attributed to a notable surplus of sell-side bids, which exceeded buy-side bids by around 2.6 times, leading to a significant drop in power prices.

Trade

Auction Notice

2 Nov 2024, 13:52 IST

 

 

You have 0 complimentary insights remaining! Stay informed with BigMint
;