- Ferro silicon prices decrease on demand-supply disparity
- Ferro chrome prices fall on market uncertainty
- Imported manganese ore prices remain stable
Supply-demand mismatch cause ferro silicon prices to drop w-o-w
Indian ferro silicon (FeSi:70%) prices dropped by INR 700/t ($8/t) ex-Guwahati and Bhutan. Prices oscillated a bit, as there was supply and demand mismatch and enough material in the market. As of 22 March, BigMint reported ferro silicon prices in India at INR 101,000/t ($1,208/t) exw-Bhutan, down by INR INR 1,000/t ($12/t) and INR 101,600/t ($1,215/t) exw Guwahati, down by INR 400/t ($5/t).
Uncertainty grips ferro chrome market
On 22 March, Indian ferro chrome (HC 60%, Si:4%) prices dropped INR 2,000/t ($24/t), reaching INR 114,000/t ($1,364/t) exw-Jajpur. Prices fell as most market players awaited the outcome of the OMC and Vedanta-FACOR auctions. The results of the auctions held by Vedanta-FACOR and OMC determined the direction of the domestic ferro chrome market.
The entire 57,700 t of material was sold out in the OMC’s auction on 19 March with premiums ranging from 26-83% above the base price. This price increase was the result of limited supply and high demand. On the other hand, the larger lot of 10-150 mm material fetched an H1 price of INR 112,600/t ($1,356/t) in the Vedanta-FACOR’s ferro chrome auction on 20 March.
Additionally, there was pushback from buyers as well. Meanwhile, prices of 304 grade stainless steel dropped by INR 2,000/t ($24/t) w-o-w, closing at INR 178,000/t ($2,143/t) exw-Mumbai Prices were driven lower by a decline in LME nickel costs and a slowdown in demand.
Imported manganese ore prices remain stable
Prices of imported manganese ore Mn37-46% remained unchanged this week. Prices of Mn37% were assessed at $4.15/dmtu, Mn44% at $4.45/dmtu, and Mn46% at $4.75/dmtu. All prices are CIF India. Meanwhile, cargo arrivals for manganese ore also remained steady for Mn37%, Mn44%, and Mn46%.
Dull demand drags down silico manganese prices
Indian silico manganese prices decreased by INR 500/t ($6/t), witnessing a continuous decline w-o-w, as per BigMint data. Various factors are at play such as need-based purchases, waning global and domestic demand and bid-offer disparity which is weighing on silico manganese prices. Meanwhile, export prices for silico manganese (60-14) were at $810/t FOB, down by $5/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $910/t, down by $5/t.
On 22 March, silico manganese (60-14) was trading at around INR 65,500-65,700/t ($784-$786/t) exw Durgapur, Raipur, and Vizag.
However, the domestic steel billet index stood at INR 39,650/t ($474/t) exw-Raipur on 22 March at 17:50 hrs, up by INR 150/t ($2/t).
Ferro manganese prices remain stable
Ferro manganese (HC70%) prices remained rangebound with a marginal hike in prices. Ferro manganese prices in Raipur and Durgapur on 22 March were at INR 67,000/t ($801/t) up by INR 500/t ($6/t) and INR 67,000 ($801/t), up by INR 200/t ($2/t) respectively.
IEX spot prices decrease
Spot electricity prices at Indian Energy Exchange (IEX) exhibited a decline this week. Prices fell by 7% to INR 3.9/unit during current week (17 March-23 March) against INR 4.19/unit last week. Continual improvement in power supply availability comparable to prevailing demand led buyers to lower their bids for power purchase.
Ferro molybdenum prices sink
Indian ferro molybdenum prices declined by INR 38,000/t ($454/t) this week owing to adverse sentiments in the stainless steel market. Prices decreased as demand for the material remained poor. However, prices on the London Metal Exchange (LME) remained stable. As of 22 March, prices for Indian ferro molybdenum were at INR 2,355,000/t ($28,172/t) exw-Nagpur on a 60% pro rata basis.
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