Weekly round-up: Indian ferro alloys prices show mixed trends, ferro chrome dips on bid-offer gaps

• Silico manganese prices up on limited supplies
  
  
• Imported manganese ore prices stable w-o-w

  
  
  

Overall, ferro alloy prices showed a mixed trend amid production cuts, supply issues and a general slowdown because of the calendar year-end.

Domestic silico manganese prices up amid output cuts

Domestic silico manganese prices in India have risen this week due to delayed deliveries, recent smelter production cuts, and higher price support from imported manganese ore. Prices of the 60-14 grade rose by INR 1,100/t ($13/t) w-o-w to INR 68,300-69,200/t ($796-807/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 increase on production cuts

Indian ferro manganese (HC 70%) prices rose by INR 2,000/t ($23/t) to INR 72,900/t ($850/t) exw in Raipur and elevated by INR 2,100/t ($24/t) to INR 72,900/t ($850/t) exw in Durgapur. Prices scaled up w-o-w as majority of the smelters in the key producing regions did production curtailments.

Meanwhile, HC 75% ferro manganese prices also went up by $14/t w-o-w to $937/t FOB Vizag/Haldia.

Imported manganese ore prices unchanged w-o-w

Prices of imported manganese ore (Mn 37-46%) remained firm 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, at $4.52/dmtu CIF India.

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

Ferro silicon steady as market awaits Bhutan's offers

Indian ferro silicon (FeSi: 70%) prices remained steady with a slight rise of INR 100/t ($1/t) w-o-w to INR 104,000/t ($1,212/t) exw-Guwahati on 3 January. BigMint's assessment of Bhutan prices also edged up by INR 100/t ($1/t) to INR 104,100/t ($1,214/t) exw. Prices were stable, as market activities were muted in expectation of this month's price announcement from Bhutan.

Bhutan announced its prices for January 2025 sales at INR 104,000/t ($1,212/t) levels, stable m-o-m.

Ferro chrome prices dip on bid-offer disparity

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices inched down by INR 450/t ($5/t) to INR 102,100/t ($1,189/t) exw-Jajpur. Prices dropped as gaps widened in bids and offers following lower bids in key auctions and January tender price announcement from Tsingshan. Further price clarity can be assessed after the upcoming Vedanta-FACOR ferro chrome auction on 6 January 2025.

However, stainless steel prices for 304 grade HRCs were unchanged w-o-w at INR 178,000/t ($2,076/t) exw-Mumbai.

Ferro molybdenum prices fairly stable

Domestic ferro molybdenum prices edged down by INR 3,200/t ($37/t) w-o-w. As of 3 January, prices were at INR 2,497,500/t ($29,073/t) exw-Nagpur on a 60% pro-rata basis. Prices were steady, as market sentiments were unchanged due to limited activity during the year-end.

Meanwhile, on the London Metal Exchange (LME) too, prices were steady w-o-w at $21.08/lb.

Ferro vanadium prices largely stable w-o-w

Indian ferro vanadium (FeV 50%) prices were largely stable w-o-w, with a slight increase of INR 4,700/t ($55/t) w-o-w to INR 1,086,700/t ($12,650/t) exw-Raipur. Low demand led to hesitation among buyers and limited transactions. Manufacturers sought higher prices, but market activity remained subdued.

IEX spot prices edge down

Spot electricity prices on the Indian Energy Exchange (IEX) inched down to INR 3.95/unit during 28 December 2024 - 4 January 2025, compared to INR 4.21/unit in the previous week, edging down by 6% w-o-w.

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