Weekly round-up: Indian ferro alloys prices slide except for ferro silicon

• FeSi prices pick up after Bhutan's price announcement
  
  
• SiMn offers decline amid panic selling, excess inventory

  
  
  

Silico manganese prices on a downtrend on panic selling

Domestic silico manganese prices declined this week due to a combination of factors, including panic selling and falling offers from market participants. The surplus material available with traders further exacerbated the downward pressure on prices. Notably, prices of the 60-14 grade drifted down by INR 900/t ($11t) w-o-w to INR 65,800-66,600/t ($780-789/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $898/t FOB Vizag/Haldia, India, down by $14/t w-o-w.

However, domestic steel billet rose by INR 1,000/t ($12/t) w-o-w to INR 40,050/t ($475/t) exw-Raipur on 8 November 2024.

Ferro manganese prices edge down

Indian ferro manganese (HC70%) prices inched down by around INR 1,000/t ($12/t) w-o-w to INR 67,500/t ($800/t) exw in Raipur and by INR 600/t ($7/t) w-o-w to INR 67,500/t ($800/t) in Durgapur. Weak market demand and resistance to higher quotes led to a decline in prices.

Additionally, prices of ferro manganese (HC 75%) stood at $912/t FOB Vizag/Haldia, down $15/t w-o-w.

Imported manganese ore prices remain steady w-o-w

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

Cargo arrivals for manganese ore were down by 16% w-o-w for Mn37%, Mn44%, and Mn46%.

Ferro silicon offers rise following Bhutan's price announcements

Indian ferro silicon (FeSi: 70%) prices rose by around INR 1,900/t ($23/t) w-o-w to INR 109,700/t ($1,300/t) exw-Guwahati on 8 November. Meanwhile, prices in Bhutan increased by INR 3,000/t ($36/t) to INR 110,000/t ($1,304/t) exw. Following Bhutan's price announcements, India witnessed a hike in offers, but buyers were largely unwilling to accept the rise.

Ferro chrome prices edge down w-o-w

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) fell by INR 500/t ($6/t) w-o-w to INR 109,900/t ($1,302/t) exw-Jajpur on 8 November. Prices inched down, as only need-based procurement was conducted in the market.

Additionally, Vedanta-Ferro Alloys Corporation (FACOR) has scheduled an auction for high-carbon (HC) ferro chrome (10-150 mm) on 11 November 2024. At the previous auction on 30 September 2024, the larger lot of 10-150 mm fetched an H1 price of INR 110,500/t exw.

Meanwhile, prices of stainless steel 304-grade hot-rolled coils (HRCs) fell by INR 2,000/t ($24/t) w-o-w to INR 180,000/t ($2,133/t) exw-Mumbai.

Ferro molybdenum prices keep steady w-o-w

Domestic ferro molybdenum prices remained largely stable with a slight rise of INR 32,500/t ($385/t) w-o-w. As of 8 November, prices were at INR 2,620,000/t ($31,049/t) exw-Nagpur on a 60% pro-rata basis. Prices were stable, as there were minimal market movements this week. Due to the festival season in India, demand also remained muted.

Prices on the London Metal Exchange (LME) were up slightly, by $0.14/lb w-o-w to $22.05/lb.

Indian ferro vanadium prices remain flat w-o-w

Indian ferro vanadium prices remained largely stable w-o-w with a slight rise by INR 1,750/t ($21/t) w-o-w to INR 1,125,500/t ($13,378/t) exw-Raipur (for FeV 50%). Amid ongoing festivities, trading activity was flat, but rising raw material costs provided some support to vanadium prices. However, high-priced transactions were limited, as both supply and demand sides adopted a cautious approach.

IEX spot prices up

Over 2-9 November, spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 3.24 per unit, reflecting an 11% increase from the previous week's price of INR 2.93 per unit.

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