This week, demand for ferro alloys on the domestic market diminished which resulted in prices declining. The demand for special steels is still rather moderate. However, ferro chrome prices increased as the big mills quoted at higher levels. The overall ferro alloys market saw a marginal decline in demand as a result of lower bulk orders from overseas for manganese alloys, SteelMint notes.
Manganese ore
Global manganese ore import prices across grades were unchanged w-o-w at $4.15/dmtu for Mn37%, $4.6/dmtu for Mn44%, and $4.95/dmtu for Mn46%. Manganese ore prices remained stable as a result of low production and moderate demand. Given that selling pressure is piling on miners, manganese ore prices may fluctuate in the near future.
IEX power prices
According to IEX (Indian Energy Exchange) weekly average spot prices (30 October- 5 November) in the day ahead market rose by 25% at INR 4.438/unit. Slight improvement in power demand, which rose by 7% w-o-w to 3,639 MU/day this week, supported the uptick in power prices.
Silico manganese
Prices of silico manganese, exported from Haldia and Vizag ports, remained rangebound w-o-w. The 60-14 grade was up by 3% w-o-w to $967/t, while the 65-16 grade inched up by 1% to $1062/t amid moderate enquiries from overseas last week.
On the other hand, silico manganese prices were down by 1% w-o-w to INR 79204/t ex-Durgapur, INR 78,020/t ex-Vizag, and INR 79,500/t ex-Raipur. Prices have decreased since last week due to the downturn in both domestic and global demand.
Ferro manganese
Exported ferro manganese prices were rangebound at $946/t for HC70%. Prices of HC75% grade were up by 1% to $1,053/t. Meanwhile, domestic ferro manganese prices were rangebound w-o-w to INR 78,540/t ex-Durgapur, while ex-Raipur was assessed at INR 78,500/t. Due to the moderate demand for stainless and special steels, ferro manganese prices remain unchanged.
Ferro chrome
Indian ferro chrome prices remained stable. However, producers attempted to raise prices in response to improved domestic and Chinese demand, but buyers were ready to book material only at last week’s offer levels. As a result, Indian ferro chrome prices hovered around INR 105,000-106,000/t exw Jajpur, on 3 November.
Ferro silicon
As per SteelMint’s assessment on 4 November, Guwahati producers started offering at around INR 125,000-126,000/t on exw basis, down by INR 5,900/t w-o-w, after a major Bhutanese ferro silicon smelter reduced offers to INR 125,000/t amid selling pressure.
Trade
SteelMint recorded bulk trades of around 12,600 t of ferro alloys this week, out of which manganese deals comprised around 4,000 t, ferro chrome 7,500 t, and ferro Silicon 1,100 t.
Tender and Auction
- Odisha Mining Corporation (OMC) will offer 16,500 t of chrome ore of different grades and sizes and manganese ore in an auction slated for 10 November. 12,000 t is manganese ore and 4,400 t chrome ore.
- Chinese stainless steel giants Tsingshan and TISCO hiked ferro chrome tender prices by RMB 800/t ($110/t) m-o-m to RMB 8,495/t ($1,163/t) and RMB 8,300/t ($1,441/t) for November.
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