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Weekly round-up: Indian ferro alloys prices under pressure in dull market

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Silico Manganese

BigMint Bureau

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16 Nov 2024, 14:16 IST

Weekly round-up: Indian ferro alloys prices under pressure in dull market

Ferro silicon firm in Bhutan, down in Guwahati

Silico manganese falls to 2-month low w-o-w

Silico manganese prices fall to nearly 2-month lows

Post-a recent drop, domestic silico manganese prices have steadied, mirroring changes in steel prices. With prices approaching their lowest in two months, last seen in late September 2024, weak trading and surplus inventory have prompted regional production cuts. Notably, prices of the 60-14 grade trimmed by INR 500/t ($6t) w-o-w to INR 65,400-66,000/t ($774-781/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $896/t FOB Vizag/Haldia, India, stable w-o-w.

Meanwhile, domestic steel billets dropped by INR 1,050/t ($12/t) w-o-w to INR 39,000/t ($462/t) exw-Raipur on 16 November 2024.

Ferro manganese prices inch down on poor demand

Indian ferro manganese (HC70%) prices inched down by around INR 500/t ($6/t) w-o-w to INR 67,000/t ($793/t) exw in Raipur and Durgapur. Due to sluggish market demand and pushback against higher pricing, sellers were forced to lower quotes, resulting in a decline in overall prices and market activity.

Meanwhile, prices of ferro manganese (HC 75%) stood at $900/t FOB Vizag/Haldia, down $12/t w-o-w.

Imported manganese ore prices rise w-o-w

Prices of imported manganese ore (Mn 37-46%) increased w-o-w. Mn44% from Gabon stood stable at $4.1/dry metric tonne unit (dmtu) up by $0.05/dmtu, Mn46% from Australia held firm at $4.4/dmtu CIF India, up by $0.05/dmtu, and Mn37% from South Africa was at $4/dmtu, up $0.15/dmtu.

Arrivals of cargoes were down by 26% w-o-w across Mn37%, Mn44%, and Mn46%.

Additionally, Australia's Jupiter Mines Limited, the operator of the Tshipi Borwa manganese mine in the southern Kalahari manganese field, has set the CIF China price of its high-grade Mn36.5% South African semi-carbonate lumps at $3.9/dmtu for December shipments. No offers were announced in November.

Ferro silicon offers inch down w-o-w

Indian ferro silicon (FeSi: 70%) prices edged down by around INR 1,200/t ($14/t) w-o-w to INR 108,500/t ($1,284/t) exw-Guwahati on 15 November. However, prices in Bhutan remained anchored at INR 110,000/t ($1,302/t) exw. Post-Bhutan's price announcements, these remained firm in this location but, in Guwahati acceptance of higher offers was not seen due to which prices inched down.

Ferro chrome prices drop on bid-offer disparity

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) fell by INR 1,200/t ($14/t) w-o-w to INR 108,700/t ($1,287/t) exw-Jajpur on 15 November. Prices declined as bid-offer disparities plagued the market. Lower bids at the latest Vedanta-FACOR auction also contributed to the price drop.

Meanwhile, prices of 304-grade stainless steel hot-rolled coils (HRCs) declined by INR 1,000/t w-o-w ($12/t) to INR 179,000/t ($2,121/t) exw-Mumbai.

Additionally, China's Taiyuan Iron and Steel Corporation (TISCO) has brought down its December 2024 ferro chrome tender prices by RMB 300/t ($42/t) m-o-m to RMB 7,645/t ($1,058/t) DAP, including taxes.

Ferro molybdenum stable as LME futures hold steady

Domestic ferro molybdenum prices witnessed a marginal drop of INR 49,000/t ($580/t) w-o-w. As of 15 November, prices were at INR 2,571,000/t ($30,434/t) exw-Nagpur on a 60% pro-rata basis Offers were relatively steady due to stability in the domestic and global markets. Notably, London Metal Exchange (LME) prices remained unchanged w-o-w.

A similar trend was seen on the London Metal Exchange (LME) platform as well, with prices remaining unchanged w-o-w at $22.05/lb.

Ferro vanadium prices firm w-o-w

Indian ferro vanadium prices stayed unchanged w-o-w on market stagnancy, at INR 1,125,500/t ($13,317/t) exw-Raipur (for FeV50%). Transaction volumes were steady, with traders showing cautious interest, while manufacturers were focused on managing costs, which made price reductions challenging.

IEX spot prices up

Over the period 10-16 November, spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 3.41 per unit, reflecting a 5% increase from the previous week's price of INR 3.24 per unit. The market saw a consistent rise in buying activity, while a slight decline in sell-side bids contributed to the price increase.

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