Weekly round-up: Indian ferroalloys prices exhibit mixed trends

• Ferro chrome prices fall to over 3-month low
  
  
• Silico manganese prices stable amid market stability
  
  

Silico manganese prices largely stable on limited purchases

The domestic silico manganese market stabilised amid a slight rise in prices. Fluctuating steel prices and low buying interest influenced the market but, overall, prices inched up towards the weekend amid news of production shutdowns and hike in billet prices. Notably, prices of the 60-14 grade edged up by INR 400/t ($5t) w-o-w to INR 64,400-65,500/t ($760-773/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) were stable at $875/t FOB Vizag/Haldia, India w-o-w.

Meanwhile, domestic steel billets also edged up by INR 600/t ($7/t) w-o-w to INR 38,800/t ($458/t) exw-Raipur on 7 December 2024.

Ferro manganese prices inch up

Indian ferro manganese (HC70%) prices inched up by around INR 600/t ($7/t) w-o-w to INR 66,900/t ($790/t) exw in Raipur and INR 67,000/t ($791/t), edged up INR 1,000/t ($12/t) exw-Durgapur. Prices moved up slightly as there were news of production cuts and limited supplies in the region.

Meanwhile, prices of ferro manganese (HC 75%) also edged up to $900/t FOB Vizag/Haldia, up by $22/t w-o-w.

Imported manganese ore prices remain rangebound

Prices of imported manganese ore (Mn 37-46%) edged up w-o-w. Mn44% from Gabon stood at $4.15/dry metric tonne per unit (dmtu), up $0.05/dmtu; Mn46% from Australia stood at $4.35/dmtu CIF India, up $0.05/dmtu. However, Mn37% from South Africa was at $4/dmtu, unchanged w-o-w.

Arrivals of cargoes rose significantly w-o-w across Mn37%, Mn44%, and Mn46%.

Ferro silicon offers drop w-o-w

Indian ferro silicon (FeSi: 70%) prices decreased by INR 4,400/t ($52/t) w-o-w to INR 104,100/t ($1,229/t) exw-Guwahati on 6 December. Bhutanese prices also fell by INR 5,000/t ($59/t) to INR 104,000/t ($1,228/t) exw. Prices dropped amid lower monthly offers from Bhutan, which declined by INR 5,400/t ($64/t) w-o-w to INR 104,000/t ($1,227/t) exw.

Ferro chrome prices decline to a 3-month low

Indian high-carbon ferro chrome (HC60%, Si: 4%) prices fell by INR 1,400/t ($17/t) to settle at INR 106,000/t ($1,251/t) exw-Jajpur amid a widening bid-offer gap and the subdued response at Vedanta-FACOR's latest ferro chrome auction.

Bids have declined continuously at Vedanta-FACOR's last three ferro chrome auctions, including the recent one on 2 December. The larger lot of 10-150 mm was sold at INR 105,500/t ($1,245/t) exw, which was the base price.

Meanwhile, prices of 304-grade stainless steel hot-rolled coils (HRCs) fell slightly by INR 1,000/t ($12/t) w-o-w to INR 178,000/t ($2,101/t) exw-Mumbai.

Indian ferro molybdenum prices remain stable

Domestic ferro molybdenum prices were largely stable INR 6,000/t ($71/t) w-o-w. As of 6 December, prices were at INR 2,538,000/t ($29,961/t) exw-Nagpur on a 60% pro-rata basis. Prices were steady as the majority of producers kept their offers firm despite some negotiations from buyers.

Meanwhile, on the London Metal Exchange (LME), prices stood stable w-o-w at $21.52/lb.

Ferro vanadium prices fall on weak buyer interest

Indian ferro vanadium (FeV 50%) prices dropped INR 8,250/t ($97/t) w-o-w reaching INR 1,107,000/t ($13,068/t) exw-Raipur. Buyers were pushing for further price reductions, while sellers resisted due to the INR's depreciation affecting raw material import costs, resulting in market volatility and ongoing negotiations.

IEX spot prices stable

Spot electricity prices on the Indian Energy Exchange (IEX) remained largely stable at INR 3.54/unit during 1-7 December, 2024, compared to the previous week's price of INR 3.51/unit. The market experienced stable power procurement due to the winter season, with no significant improvement in purchase volumes. These volumes were outweighed by the corresponding sell-side bids this week, which kept prices lower.

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