- Domestic silico manganese prices hit 3-month high on demand-supply disparity
- Forthcoming Bhutanese price announcements cause ferro silicon prices to diminish
- Indian ferro chrome prices remain largely stable on non-acceptance of higher offers
Silico manganese prices hit 3-month high on sound demand
Indian silico manganese prices elevated to a 3-month high, production curtailment and active inquiries can be attributed for domestic silico manganese prices in India to rise. Additionally, the export volumes have also increased that caused material shortage resulted in domestic price hike. Export prices for silico manganese (60-14) stood at $835/t FOB up by $15/t Vizag/Haldia, while silico manganese (65-16) was priced at $933/t inched up by $10/t. Silico manganese (60-14) was traded at approximately INR 66,900-67,600/t ($806-$814/t) exw Durgapur, Raipur, and Vizag up by INR 1,850/t ($22/t) on 2 February, 2024. However, the domestic steel billet index BigMint was assessed at INR 39,250/t ($473/t) exw-Raipur on 2 February, 2024, at 17:00 hrs which turned down compared to last week.
Indian ferro silicon prices decline as market awaits new offers
Indian ferro silicon (FeSi:70%) prices have diminished by INR 900/t ($11/t) ex-Guwahati and Bhutan. Post-BIS renewals, Bhutan rolled over its prices and now the announcements of new offers are much awaited which made ferro silicon prices to decrease in both the regions. As of 2 February, BigMint reported ferro silicon prices in India at INR 108,600/t ($1,308/t), down INR 1,400/t ($17/t) exw-Guwahati and INR 109,600/t ($1,320/t) exw-Bhutan, suggesting a price fall of INR 400/t ($5/t).
Ferro chrome prices stay range-bound on need-based buying
On 2 February, Indian ferro chrome (HC 60%, Si:4%) prices remained curbed as buyers seemed hesitant in accepting higher offers. Prices inched down by INR 300/t ($4/t), reaching INR 118,700/t ($1,433/t) exw-Jajpur. The buying in the market happened only when required, this could also be a reason for price staying largely stable. Meanwhile, 304 grade stainless steel prices remained unchanged at INR 173,000/t ($2,085/t) exw-Mumbai w-o-w. The stability in prices can be attributed to limited inquiries in this sector.
Ferro manganese prices increase on rising export inquiries
Ferro manganese (HC70%) prices rose due to increased export inquiries, but supply in the domestic market remained constrained. According to BigMint, ferro manganese prices in Durgapur and Raipur on 2 February varied between INR 67,000 and INR 67,700/t ($807-$816/t), with an additional INR 1,250/t ($15/t).
Imported manganese ore prices rise except South Africa
Prices of imported manganese ore Mn: 37-46% rose except South African origin as limited demand surrounded domestic market. Prices of Mn37% were assessed at $3.9/dmtu, Mn44% at $4.4/dmtu, up by $0.05/dmtu and Mn46% at $4.7/dmtu up by $0.05/dmtu. All prices are CIF India weekly. Imported shipments for manganese ore stayed stable for Mn37% and Mn44%, while for Mn46% shipments went marginally up.
IEX spot prices stable
Spot electricity prices in the day-ahead market at the Indian Energy Exchange (IEX) extended stay on the higher side buoyed by widening gap between buy-sell bids. However, the prices slightly fell to INR 6.16/unit this week (28 January-3 February) against INR 6.38/unit last week owing to lesser buying activity seen at the exchange w-o-w.
Rise in inquiries cause ferro molybdenum prices to rise
Indian ferro molybdenum prices increased by INR 53,000/t ($640/t) this week. The hike in prices were supported by an uptick in inquiries. However, the London Metal Exchange (LME) showed minimal variation this week, decreased by $0.01/pound to $19.48/pound on 30 January. As of 31 January, the prices for Indian ferro molybdenum were at INR 2,367,000/t ($28,566/t) exw-Nagpur on a 60% pro rata basis.
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