Weekly round-up: Indian ferroalloys prices edge lower on global uncertainties

• After Vedanta-FACOR's auction, ferro chrome prices face downward pressure
  
  
• Silico manganese prices continue to fall on demand-supply imbalance
  
  

Silico manganese prices fall further

Domestic silico manganese prices remain under pressure due to weak demand and cautious procurement by steel mills. Surplus supply and smelters' efforts to control production have not reversed the overall bearish market trend. Notably, prices of the 60-14 grade fell by INR 425/t ($5t) w-o-w to INR 64,100-65,000/t ($758-769/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $877/t FOB Vizag/Haldia, India, down $4/t w-o-w.

Meanwhile, domestic steel billets declined by INR 1,200/t ($14/t) w-o-w to INR 38,200/t ($452/t) exw-Raipur on 30 November 2024.

Ferro manganese prices remain under pressure

Indian ferro manganese (HC70%) prices inched down by around INR 400/t ($5/t) w-o-w to INR 66,300/t ($784/t) exw in Raipur and INR 66,000/t ($780/t), down INR 500/t ($6/t) exw-Durgapur. Sluggish market demand, coupled with resistance to higher prices, forced sellers to lower their quotes. This led to a decline in overall prices and reduced market activity, highlighting the ongoing challenges faced by sellers.

Meanwhile, prices of ferro manganese (HC 75%) stood at $878/t FOB Vizag/Haldia, down $12/t w-o-w.

Imported manganese ore prices stable w-o-w

Prices of imported manganese ore (Mn 37-46%) edged up by $0.05/dmtu w-o-w. Mn44% from Gabon stood at $4.1/dry metric tonne per unit (dmtu), Mn37% from South Africa was at $4/dmtu. However, Mn46% from Australia held at $4.35/dmtu CIF India, unchanged w-o-w.

Arrivals of cargoes were down 24% w-o-w across Mn37%, Mn44%, and Mn46%.

Ferro silicon offers remain largely stable w-o-w

Indian ferro silicon (FeSi: 70%) prices held almost steady with marginal drop by INR 400/t ($5/t) w-o-w to INR 108,500/t ($1,283/t) exw-Guwahati on 29 November. Bhutanese prices dropped INR 500/t ($6/t) to INR 109,000/t ($1,289/t) exw, supported by firm offers and stable market conditions. Furthermore, the market is awaiting December price announcements.

Ferro chrome prices fall

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices fell by INR 1,300/t ($15/t) to settle at INR 107,400/t ($1270/t) exw-Jajpur. Lower bids at FACOR's latest ferro chrome auction exerted downward pressure on prices. Additionally, Vedanta-FACOR's next auction on 2 December will provide further price clarity.

Meanwhile, prices of 304-grade stainless steel hot-rolled coils (HRCs) were unchanged w-o-w at INR 179,000/t ($2,119/t) exw-Mumbai.

Indian ferro molybdenum prices decline

Domestic ferro molybdenum prices dropped INR 17,000/t ($201/t) w-o-w. As of 29 November, prices were at INR 2,544,000/t ($30,084/t) exw-Nagpur on a 60% pro-rata basis. Declining global tags and bid-offer disparities contributed to the price drop.

Additionally, on the London Metal Exchange (LME), prices declined by a minimal $0.37/pound (lb) w-o-w to $21.52/lb.

Ferro vanadium prices remain steady w-o-w

Indian ferro vanadium (FeV 50%) prices held steady week-on-week, experiencing a slight decline of INR 500/t ($6/t) to INR 1,115,250/t ($13,209/t) exw-Raipur. With weak demand and few transactions, manufacturers struggled to manage inventory amid rising cost pressures. The market is anticipated to remain stable with minimal price changes.

IEX spot prices rise

Over the period 24-30 November, spot electricity prices on the Indian Energy Exchange (IEX) rose to INR 3.51 per unit, reflecting a 8% increase from the previous week's price of INR 3.24 per unit.

Trade

Auction Notice