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Weekly round-up: Indian ferro alloys prices reflect mixed trends w-o-w

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Silico Manganese

BigMint Bureau

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11 Jan 2025, 13:57 IST

Weekly round-up: Indian ferro alloys prices reflect mixed trends w-o-w

Silico manganese prices up on supply constraints

Ferro chrome hits over 1-year low post-auction

Domestic silico manganese tags up on supply constraints

India's domestic silico manganese market experienced a significant surge in prices, rising for three consecutive weeks. This upward trend is attributed to a constrained supply and a market heavily influenced by sellers' offers, resulting in heightened demand from buyers eager to secure material. Prices of the 60-14 grade scaled up by INR 1,450/t ($17/t) w-o-w to INR 69,600-70,800/t ($807-821/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of 65-16 stood at $927/t FOB Vizag/Haldia, India, up $12/t w-o-w.

Ferro manganese prices up on limited supplies

Indian ferro manganese (HC 70%) prices increased by INR 1,000/t ($12/t) to INR 73,900/t ($857/t) exw in Raipur and rose by INR 600/t ($7/t) to INR 73,500/t ($853/t) exw in Durgapur. The price rise can be attributed to improved steel demand and limited supplies in the region.

Meanwhile, HC 75% ferro manganese prices also went up by $4/t w-o-w to $941/t FOB Vizag/Haldia.

Imported manganese ore prices inch up w-o-w

Prices of imported manganese ore (Mn 37-46%) edged up for all three grades w-o-w. Mn44% from Gabon stood at $4.39/dry metric tonne per unit (dmtu), up by $0.16/dmtu. Mn37% from South Africa was at $4.12/dmtu, up by $0.01/dmtu and Mn46% from Australia, at $4.53/dmtu CIF India, up by $0.01/dmtu .

Additionally, Eramet Comilog, a leading manganese ore exporter from Gabon, set its February shipment prices of Mn 44.5% lumps at $4.3/dmtu and 43% grade chips at $4.1/dmtu, both CIF China. Both prices reflect a m-o-m increase of $0.2/dmtu. While, South32, a leading global miner, has kept prices of 37% grade South African semi-carbonated manganese ore lumps steady m-o-m for February shipments. Prices stood at $4.05/dmtu CIF China.

Cargo arrivals for all the three grades increased by 3% w-o-w.

Ferro silicon prices remain firm w-o-w

Indian ferro silicon (FeSi: 70%) prices remained unchanged w-o-w at INR 104,000/t ($1,207/t) exw-Guwahati on 10 January. BigMint's assessment of Bhutan prices edged down by INR 100/t ($1/t) to INR 104,000/t ($1,207/t) exw. Prices were stable, as Bhutanese sellers kept their January offers unchanged m-o-m.

Ferro chrome prices decline to over 1-year low

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices declined by INR 3,000/t ($35/t) to INR 99,100/t ($1,150/t) exw-Jajpur. Prices plunged to their lowest point since July 2023, mainly due to lower bids at Vedanta-FACOR's latest auction and lower realisations in the export segment.

The latest auction by Vedanta-FACOR on 6 January saw the larger lot of 10-150 mm material booked at INR 99,200/t ($1,155/t) exw. A significant drop of INR 4,400/t ($51/t) was observed as compared to the previous auction on 20 December 2024.

However, Prices of 304-grade stainless steel hot-rolled coils (HRCs) were unchanged w-o-w at INR 178,000/t ($2,072/t) exw-Mumbai.

Ferro molybdenum prices range-bound in stable market

Domestic ferro molybdenum prices edged up by INR 5,700/t ($66/t) w-o-w. As of 10 January, prices were at INR 2,503,200/t ($29,041/t) exw-India on a 60% pro-rata basis. With no major changes in the global market, prices were steady in the domestic sector. Routine market activities had just started post-New Year holidays which was another factor contributing to the steadiness.

Meanwhile, on the London Metal Exchange (LME) too, prices were largely steady w-o-w at $21.09/lb.

Ferro vanadium prices largely steady w-o-w

Indian ferro vanadium (FeV 50%) prices remained stable w-o-w, dropping slightly by INR 3,500/t ($41/t) to INR 1,083,200/t ($12,567/t) exw-Raipur. Weak downstream demand led to low trading activity, with manufacturers attempting to increase prices despite cost pressures. The market is currently at a standstill, and this stagnant trend is expected to persist in the near term.

IEX spot prices rise

Electricity prices on the Indian Energy Exchange (IEX) surged to INR 4.74/unit during the period from 5-11 January 2025, up from INR 3.95/ unit in the previous week, reflecting a 20% w-o-w increase. This price hike was driven by higher demand, particularly due to the ongoing winter, which has led to a rise in power consumption for heating purposes amid cold waves.

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