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Weekly round-up: Indian ferroalloys market reflects mixed trends

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Silico Manganese

BigMint Bureau

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23 Nov 2024, 14:11 IST

Weekly round-up: Indian ferroalloys market reflects mixed trends

Bids drop in Vedanta-FACOR's ferro chrome auction

Silico manganese prices on a downward trend on weak steel market

Silico manganese prices decline on softening steel prices

India's domestic silico manganese prices dropped this week as steel mills faced weak demand and adopted a cautious approach to procurement, impacting overall market sentiment. Notably, prices of the 60-14 grade fell by INR 725/t ($9t) w-o-w to INR 64,650-65,300/t ($766-773/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $881/t FOB Vizag/Haldia, India, down $15/t w-o-w.

Meanwhile, domestic steel billets remained largely stable inching up by INR 400/t ($5/t) w-o-w to INR 39,400/t ($467/t) exw-Raipur on 22 November 2024.

The Hebei Iron and Steel Group's November silico manganese bid price stands at RMB 6,280/t ($867/t), marginally up by RMB 80/t ($11/t) from the October tender price .

Ferro manganese prices remain largely stable

Indian ferro manganese (HC70%) prices inched down by around INR 300/t ($4/t) w-o-w to INR 66,700/t ($790/t) exw in Raipur and INR 66,500/t ($788/t), down INR 500/t ($6/t) exw-Durgapur. Sluggish market demand and resistance to higher prices led sellers to reduce quotes, causing a decline in overall prices and market activity.

Meanwhile, prices of ferro manganese (HC 75%) stood at $890/t FOB Vizag/Haldia, down $10/t w-o-w.

Imported manganese ore prices stable w-o-w

Prices of imported manganese ore (Mn 37-46%) dipped off by $0.05/dmtu w-o-w. Mn44% from Gabon stood at $4.05/dry metric tonne unit (dmtu), Mn46% from Australia held at $4.35/dmtu CIF India, and Mn37% from South Africa was at $3.95/dmtu.

Arrivals of cargoes were down by 27% w-o-w across Mn37%, Mn44%, and Mn46%.

Ferro silicon offers steady w-o-w

Indian ferro silicon (FeSi: 70%) prices were largely stable, inching up by around INR 400/t ($5/t) w-o-w to INR 108,900/t ($1,290/t) exw-Guwahati on 22 November. However, prices in Bhutan edged down by INR 500/t ($6/t) at INR 109,500/t ($1,297/t) exw. Prices were steady, as most sellers were firm on their offers and routine trades were carried out in the market.

Additionally, Hebei Iron and Steel Group's November ferro silicon bid price stands at RMB 6,550/t ($905/t), down RMB 50/t ($7/t) compared to October's price.

Ferro chrome prices firm post auctions

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices held steady at ?108,700/t ($1,287/t) exw-Jajpur after OMC's chrome ore auction on 20 November, where 33,600t was sold, with bids rising 1-11% (?448-2,633/t) m-o-m and 1-67% (?200-15,500) above the base price.

However, uncertainty surrounds ferro chrome prices following Vedanta-FACOR's 22 November auction, where the 10-150 mm lot sold at ?106,700/t, marginally above the base price but down ?2,200/t from 11 November.

Meanwhile Prices of the stainless steel 304 grade HRC were unchanged w-o-w at INR 179,000/t ($2,119/t) exw-Mumbai. Elections in the Mumbai region kept market movements limited.

Ferro molybdenum drop marginally

Domestic ferro molybdenum prices witnessed a marginal drop of INR 10,000/t ($118/t) w-o-w. As of 22 November, prices were at INR 2,561,000/t ($30,331/t) exw-Nagpur on a 60% pro-rata basis. Prices remained largely stable, as the global and domestic markets did not experience any major variations.

Additionally, on the London Metal Exchange (LME), a slight w-o-w drop of $0.16/lb was seen, with prices settling at $21.89/lb.

Ferro vanadium prices edge down w-o-w

Indian ferro vanadium prices dwell down w-o-w amid sluggish market sentiments, at INR 1,115,750/t ($13,214/t) exw-Raipur (for FeV50%). Manufacturers faced challenges in offloading inventory due to cost pressures and cautious buyer sentiment. As a result, the market is expected to remain relatively stable in the near term, with minimal price fluctuations.

IEX spot prices inch down

Over the period 17-23 November, spot electricity prices on the Indian Energy Exchange (IEX) dipped to INR 3.24 per unit, reflecting a 5% decline from the previous week's price of INR 3.41 per unit.

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