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Weekly round-up: Indian ferro alloys prices drop except manganese alloys

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Silico Manganese

BigMint Bureau

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21 Dec 2024, 13:45 IST

Weekly round-up: Indian ferro alloys prices drop except manganese alloys

Ferro silicon prices remain rangebound

Silico manganese prices rise on steel market recovery

Silico manganese prices move up on steel market recovery

Domestic silico manganese prices rose amid production cuts at smelters and a recovery in the steel market. Prices of the 60-14 grade rose by INR 1,050/t ($12/t) w-o-w to INR 66,250-66,750/t ($780-786/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of 65-16 were also stood at $892/t FOB Vizag/Haldia, India, rose by $12/t w-o-w.

Meanwhile, domestic steel billets witnessed elevation by INR 700/t ($8/t) w-o-w to INR 39,350/t ($463/t) exw-Raipur on 20 December 2024.

Additionally, China's Hebei Iron and Steel Group (HBIS Group) has released its silico manganese bid prices for Dec'24. The 65-17 grade stood at RMB 6,350/t ($870/t), reflecting a slight rise of RMB 70/t ($10/t) from the Nov'24 tender price of RMB 6,280/t ($860/t).

Ferro manganese prices rise w-o-w

Indian ferro manganese (HC 70%) prices increased by INR 1,400/t ($16/t) to INR 67,950/t ($800/t) exw in Raipur and up by INR 1,300/t ($15/t) to INR 67,800/t ($798/t) exw in Durgapur. The prices increased on improved domestic steel demand and possible production cuts in the regions.

Meanwhile, HC 75% ferro manganese also strike up by $18/t w-o-w to $910/t FOB Vizag/Haldia.

Imported manganese ore prices remain largely stable

Prices of imported manganese ore (Mn 37-46%) remained largely sturdy w-o-w. Mn44% from Gabon stood at $4.21/dry metric tonne per unit (dmtu), inched up by $0.01/dmtu and Mn37% from South Africa was at $4.09/dmtu, edged up by $0.01/dmtu w-o-w. However, Mn46% from Australia stood at $4.5/dmtu CIF India, unchanged w-o-w.

Cargo arrivals for all the three grades rose by 15% w-o-w.

Ferro silicon offers remain stable amid routine market operations

Indian ferro silicon (FeSi: 70%) prices largely stable with slight up by INR 100/t ($1/t) w-o-w to INR 102,900/t ($1,212/t) exw-Guwahati on 20 December. While, Bhutan's prices edged down by INR 300/t ($4/t) to INR 103,200/t ($1,215 /t) exw. The market did not witness major changes, with routine trade continuing. The slight decline was attributed to bid-offer gaps.

Ferro chrome prices steady amid caution among participants

Prices were stable, as most market players remained on the sidelines, awaiting the conclusion of the chrome ore auction from the Odisha Mining Corporation (OMC) on 18 December and Vedanta-FACOR's ferro chrome auction on 20 Dec'24. Of the 65,800 t offered (including the sub-40% grade), 30,800 t of material were sold. Bids fell 9-36% m-o-m for most grades (INR 2,586-11,020/t). A bid premium of 10-25% (INR 2,100-5,500/t) was observed, but only for higher grades.

Vedanta-FACOR's ferro chrome auction on 20 Dec'24 concluded at INR 103,600/t ($1,220/t) exw, a drop of INR 1,900/t ($22/t) compared to the previous auction.

Meanwhile, Prices of stainless steel 304-grade hot-rolled coils (HRCs) were stable w-o-w at INR 178,000/t ($2,096/t) exw-Mumbai.

Additionally, Baosteel reduced its ferro chrome tender price for Dec'24 by RMB 700/t ($96/t) m-o-m to RMB 7,395/t ($1,014/t).

Ferro molybdenum prices decline on subdued demand

Domestic ferro molybdenum prices dwell down by INR 18,000/t ($212/t) w-o-w. As of 20 December, prices were at INR 2,533,000/t ($29,826/t) exw-Nagpur on a 60% pro-rata basis. Prices diminished on weak demand.

However, Prices on the London Metal Exchange (LME) platform stood flat w-o-w at $21.6/lb.

Ferro vanadium prices decrease on need-based buying

Indian ferro vanadium (FeV 50%) prices continued its downward trend by INR 8,300/t ($98/t) w-o-w to INR 1,090,700/t ($12,842/t) exw-Raipur. Weak demand made buyers hesitant, resulting in low activity and limited transactions. Manufacturers pushed for higher prices due to cost concerns, but overall, the market stayed quiet, with both supply and demand waiting for clearer direction.

IEX spot prices rise

Spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 4.14/unit during 15-21 December 2024, compared to INR 3.6/unit in the previous week, marking a 15% w-o-w increase. The price rise was primarily driven by a combination of rising demand, as weather conditions turned colder, prompting higher heating needs, and tighter supply conditions as the week progressed.

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