Weekly round-up: Indian ferro alloys prices show mixed trends amid market volatility
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- Ferro chrome prices drop to over 1-year low
- Imported manganese ore prices remain stable
Silico manganese prices rise to a 2-month high
Domestic silico manganese offers to India witnessed an increase this week due to constrained supply and strong seller offers. This modest increase marks a shift in market dynamics, with sellers gaining influence. Prices of the 60-14 grade rose by INR 1,150/t ($13/t) w-o-w to INR 67,300-68,000/t ($788-796/t) exw in Raipur, Durgapur, and Visakhapatnam.
Prices of 65-16 stood at $915/t FOB Vizag/Haldia, India, up $23/t w-o-w.
Ferro manganese prices rise on lower supplies
Indian ferro manganese (HC 70%) prices rose by INR 2,950/t ($35/t) to INR 70,900/t ($830/t) exw in Raipur and soar by INR 3,000/t ($35/t) to INR 70,800/t ($829/t) exw in Durgapur. Prices surged as there were limited supplies in the market as many players took production cuts in the key producing regions.
Meanwhile, HC 75% ferro manganese prices also rose by $13/t w-o-w to $923/t FOB Vizag/Haldia.
Imported manganese ore prices remain largely stable w-o-w
Prices of imported manganese ore (Mn 37-46%) remained firm with a slight rise x $0.02/dmtu for all three grades w-o-w. Mn44% from Gabon stood at $4.23/dry metric tonne per unit (dmtu), Mn37% from South Africa was at $4.11/dmtu, and Mn46% from Australia stood at $4.52/dmtu CIF India.
Cargo arrivals for all the three grades fell significantly by 56% w-o-w.
Ferro silicon prices rise on limited supplies
Indian ferro silicon (FeSi: 70%) prices rose by INR 1,000/t ($12/t) w-o-w to INR 103,900/t ($1,217/t) exw-Guwahati on 27 December. While, Bhutan's prices also went up by INR 800/t ($9/t) to INR 104,000/t ($1,218/t) exw. Offers rose due to limited supplies, with further increases anticipated as Bhutanese sellers' BIS licenses expire.
Ferro chrome prices down to over 1-year low
Indian high-carbon ferro chrome (HC60%, Si: 4%) prices registered decline of INR 5,950/t ($70/t) to INR 102,550/t ($1,201/t) exw-Jajpur. Prices fell w-o-w on waning stainless steel demand and lower bids in recent auctions.
Additionally, Tsingshan lowered its ferro chrome tender price for January by RMB 400/t ($55/t) m-o-m to RMB 6,995/t ($958/t).
However, stainless steel prices for 304 grade HRC were steady w-o-w at INR 178,000/t ($2,087/t) exw-Mumbai.
Ferro molybdenum prices sink on limited inquiries
Domestic ferro molybdenum prices dropped by INR 32,300/t ($378/t) w-o-w. As of 27 December, prices were at INR 2,500,700/t ($29,287/t) exw-Nagpur on a 60% pro-rata basis. Prices diminished on subdued market inquiries due to year-end holidays.
However, LME futures showed steady prices w-o-w, with slight decline by $0.25/lb.
Ferro vanadium prices fall w-o-w
Indian ferro vanadium (FeV 50%) prices witnessed a downward trend w-o-w by INR 8,700/t ($102/t) w-o-w to INR 1,082,000/t ($12,672/t) exw-Raipur. Low demand led to hesitation among buyers, with limited transactions. Manufacturers sought higher prices, but market activity remained subdued.
IEX spot prices inch up
Spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 4.21/unit during 22-28 December 2024, compared to INR 4.14/unit in the previous week, edging up by 2% w-o-w.
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