Weekly round-up: Soft demand weighs on ferro alloys prices

Domestic and global ferro alloys prices fell w-o-w on bearish market sentiments.

Sub-commodity wise overview

Manganese ore

Manganese ore (Mn:37-46%) import prices into India fell marginally by around 2-3% w-o-w on CIF India basis. MOIL has cut high-grade manganese ore (Mn: 44% and above) prices for Q3CY'23 by 5% and 2.5% for other grades (Mn: below 44%).

South32 has lowered manganese ore shipment proposals for both Australian and South African blocks for August.

IEX Power

According to Indian Energy Exchange (IEX), the weekly average spot prices (25 June-1 July) in the day-ahead-market dropped 38% w-o-w to INR 3,474/unit as against INR INR 5,593/unit last week.

Silico manganese prices under pressure

Indian silico manganese (60-14) prices dropped up to 6% w-o-w to INR 68,800-73,300/t exw, as assessed on 30 June, owing to consistent rise in supplies, on one hand, and restricted domestic as well as export trades, on the other.

Ferro manganese prices inch down

Indian ferro manganese (HC70%) prices fell by around 1% w-o-w due to high inventory and dull export enquiries. According to SteelMint's assessment on 30 June, ferro manganese offers were hovering at INR 71,800-72,500/t exw Raipur and Durgapur.

Weak sentiments weigh on ferro chrome prices

Indian ferro chrome (HC60%) prices fell 3% w-o-w to INR 106,000/t exw-Jajpur owing to weak Chinese market sentiments. In addition, drop in stainless steel prices also discouraged buyers from booking material at higher offers.

Ferro silicon prices drop

According to SteelMint's assessment on 30 June, domestic ferro silicon (70%) offers inched down to INR 112,000/t exw on dull demand, as producers anticipate further drop in July dispatch offers from Bhutan.

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