- Imported manganese ore prices remain robust
- Spot electricity prices at IEX exhibit decline this week
Supply-demand mismatch continues, causing ferro silicon prices to drop w-o-w
Indian ferro silicon (FeSi:70%) prices declined by INR 750/t ($9/t) ex-Guwahati and Bhutan. Prices fell as demand remained at a moderate level and there was enough material available to meet market requirement. As of 29 March, BigMint reported ferro silicon prices in India at INR 100,600/t ($1,206/t) exw-Bhutan, down by INR INR 400/t ($5/t) and INR 100,500/t ($1,205/t) exw Guwahati, down by INR 1,100/t ($13/t).
Cautious market moves digs ferro chrome market
On 29 March, Indian ferro chrome (HC 60%, Si:4%) prices dropped by INR 800/t ($10/t), reaching INR 113,200/t ($1,358/t) exw-Jajpur. Market participants continued to wait for clarity regarding the direction that prices would be moving in, resulting in price decline.
Meanwhile, Prices of 304 grade stainless steel in India dropped by INR 5,000/t ($60/t) w-o-w, to INR 173,000/t ($2,076/t) exw-Mumbai. Prices fell as a result of lower LME nickel prices and muted demand.
Imported manganese ore prices remain constant
Prices of imported manganese ore Mn37-46% remained unchanged w-o-w. 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%.
Silico manganese prices stay range-bound on consistency in demand-supply
Indian silico manganese prices were stable with a marginal rise in prices by INR 250/t ($3/t), as per BigMint data. Prices remained consistent due to the balance between current demand and material availability. Some manufacturers adjusted their prices to attract buyers, while others increased prices due to limited supply. Meanwhile, export prices of silico manganese (60-14) were at $812/t FOB, up by $2/t from Vizag/Haldia, while silico manganese (65-16) prices were valued at $912/t, down by $2/t.
On 29 March, silico manganese (60-14) was trading at around INR 65,800-65,900/t ($789-$790/t) exw Durgapur, Raipur, and Vizag.
Meanwhile, the domestic steel billet index stood at INR 39,650/t ($476/t) exw-Raipur on 29 March at 17:50 hrs.
Ferro manganese prices remain stable
Ferro manganese (HC70%) prices remained range-bound with a marginal hike in prices. Ferro manganese prices in Raipur and Durgapur on 29 March were at INR 67,100/t ($805/t) up by INR 100/t ($1/t) and INR 67,200 ($806/t), up by INR 200/t ($2/t) respectively. Stability persisted in the prices owing to uncertainty in the market.
IEX spot prices fall
Spot electricity prices at Indian Energy Exchange (IEX) exhibited a decline this week. Prices fell by 2% to INR 3.8/unit during current week (24 March-30 March) against INR 3.9/unit last week. The market saw a decline in buying interest while power supply position remained almost stagnant w-o-w.
Ferro molybdenum prices hold consistency
Indian ferro molybdenum prices remained largely stable with a slight decline by INR 1,000/t ($12/t) this week. Prices stayed sturdy due to constant worldwide prices, particularly in China, and a lack of inquiries in the domestic market. However, On the London Metal Exchange (LME) platform, prices dropped slightly by $0.18/pound w-o-w to $19.75/pound. As of 29 March, prices of 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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