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Weekly round-up: Surging demand spurs escalation in ferro alloys market

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Ferro Manganese
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6 Jan 2024, 14:32 IST
Weekly round-up: Surging demand spurs escalation in ferro alloys market

  • Ferro silicon prices shoot up post-Bhutanese price announcements.

  • Domestic silico manganese prices climb up on improved domestic and export inquiries.

Post-Bhutanese price announcement Indian ferro silicon prices rise

Prices of Indian ferro silicon (FeSi:70%) saw an uptick in it's prices by INR 4,300/t ($52/t). After Bhutanese price announcements ferro silicon prices hiked, this price rise is due to the increased electricity tariff in Bhutan. According to SteelMint, prices of ferro silicon in India on 5 January were at INR 106,000/t ($1,274/t) exw-Guwahati.

Indian silico manganese prices climb up on better export inquires

Indian silico manganese prices increased by INR 350/t ($4/t) as the market saw improvements in export and domestic inquiries. One of the producer from Vishakhapatnam stated that "export deals are taking place after a gap of around 5 months, as Europe has opened its boundaries with good number of inquiries". The export prices too rose by $10/t to $800/t this week as against $790/t FOB Vizag/Haldia last week. SteelMint believes that prices will move up in the short term looking onto the ongoing scenario. However, SteelMint's domestic steel billet index recorded INR 39,600/t ($475/t exw-Raipur), marking a weekly decrease of INR 500/t ($6/t).Indian silico manganese (60-14) was trading at about INR 64,400-65,200/t ($774-$784/t) exw Durgapur, Raipur, and Vizag on 5 January, 2024.

Ferro manganese prices moves up on limited production

Prices of ferro manganese (HC70%) wave up this week because there were production cuts and demand also went up that made the ferro manganese prices to scale. According to SteelMint, ferro manganese offers in Durgapur and Raipur on 5 January were INR 64,900- INR 65,000/t ($780-$781/t) up by INR 650/t ($8/t) exw.

Imported manganese ore prices up on rise in demand

Prices of imported manganese ore Mn: 37-46% increased due to the lowered stocks and demand lift. Prices of Mn37% were assessed at $3.75/dmtu up by $0.1/dmtu, Mn44% at $4.35/dmtu up by $0.05/dmtu, and Mn46% at $4.6/dmtu up by $0.05/dmtu. All prices are CIF India. Meanwhile, India's manganese ore imports increased by 17% in the last eight months (April-November) of financial year 2023-24 (FY24) to 3.7 million tonnes (mnt) compared to 3.17 mnt recorded in the same period of last fiscal, reveals data maintained with SteelMint.

IEX spot prices nearly stable

Spot electricity prices (31 December-6 January) in the day-ahead-market at the Indian Energy Exchange (IEX) remained largely stable at INR 5.4/unit against INR 5.47/unit last week. The market saw moderate improvement in power availability on supply side. However, the price level was supported by higher purchase bids recorded on the demand side.

Ferro chrome prices 2-months high amid production cuts

On 5 January, prices of Indian ferro chrome (HC 60%, Si:4%) rose by INR 1,700/t ($ 20/t) a 2-month hike to INR 112,700/t ($1,355/t) exw-Jajpur. The prices swung up because there was a shortage of chrome ore as well as finished material in the market. However, INR 175,000/t ($2,102/t) exw-Mumbai, the price of 304 grade stainless steel in India stayed constant w-o-w.

Ferro molybdenum prices up amid global price rise

Indian ferro molybdenum prices jumped up by INR 21,000/t ($252/t) this week as the global market improved especially in China and because of the holiday period trade activities were concentrated in the Asian regions resulted in improved prices. As of 3 January,2024, Indian ferro molybdenum prices stood at INR 2,391,000/t ($28,741/t) exw-Nagpur on 60% pro rata basis.

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6 Jan 2024, 14:32 IST

 

 

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