- Ferro chrome prices fall amid weak end-user demand
- Silico manganese prices inch down amid limited supply
Indian ferro alloys prices witnessed mixed trends w-o-w amid shifts in supply-demand dynamics.
Ferro silicon prices remain largely stable post Bhutan’s price announcements
Indian ferro silicon (Si 70%) prices were mostly steady with a slight decline of INR 300/t ($3/t) w-o-w to INR 87,700/t ($989/t) exw-Guwahati, while Bhutan’s prices stood at INR 88,000/t ($993/t). The slight dip followed the announcement of Bhutan’s November offers at INR 88,000/t ($994/t) exw, which reflected softer market sentiment.
Ferro chrome prices drop as end-user demand weakens
Indian high-carbon ferro chrome (HC 60%, Si 4%) prices fell by INR 1,500/t ($17/t) w-o-w to INR 117,500/t ($1,326/t) exw-Jajpur. Prices fell, as the stainless steel market was under pressure amid the resumption of imports following the relaxation of BIS norms. Prices of 304-grade stainless steel hot-rolled coils (HRCs) declined by INR 2,000/t ($23/t) w-o-w to INR 184,000/t ($2,076/t) exw-Mumbai.
Additionally, IMFA acquired Tata Steel’s Kalinganagar ferro chrome plant, taking its total capacity above 0.5 mnt and positioning it as India’s largest and the world’s 6th largest producer.
Silico manganese prices inch down w-o-w
Indian silico manganese (60-14) prices remained mostly stable with a slight dip by INR 50/t ($1/t) w-o-w to INR 71,800-72,000/t ($810-812/t) in Durgapur, Raipur, and Vizag. The minor decline was mainly due to limited spot demand and cautious buying sentiments, despite restricted supply from key producers.
Meanwhile, export prices of the 65-16 grade also went down by $3/t w-o-w to $928/t FOB Vizag/Haldia, India.
Ferro manganese prices rise amid deals concluded at higher levels
Indian ferro manganese (HC 70%) prices went up by INR 1,200/t ($14/t) w-o-w to INR 73,200/t ($826/t) exw-Durgapur, while tags also rose by INR 1,000/t ($11/t) w-o-w to INR 73,100/t ($825/t) exw-Raipur. The increase was primarily driven by supply shortages in the domestic market.
However, HC 75% ferro manganese prices decreased by $5/t w-o-w to $905/t FOB Vizag/Haldia.
Imported manganese ore prices rise for higher grades w-o-w
Prices of higher grades of imported manganese ore (Mn 37-46%) rose w-o-w. Mn44% from Gabon stood at $4.66/dry metric tonne unit (dmtu) w-o-w, up by $0.21/dmtu. Meanwhile, Mn37% from South Africa was assessed at $4.25/dmtu, down by $0.01/dmtu, and Mn46% from Australia was at $4.99/dmtu CIF India, up by $0.23/dmtu w-o-w.
Eramet Comilog increased its December manganese ore offers (Mn: 43% and 44.5%) by $0.15/dmtu m-o-m.
Ferro molybdenum prices decrease w-o-w
Indian ferro molybdenum prices dipped by INR 115,000/t ($1,297/t) w-o-w to INR 2,835,000/t ($31,983/t) exw. Prices fell due to weaker Chinese demand, increased global supply, and falling molybdenum oxide prices.
On the London Metal Exchange (LME), molybdenum futures edged down by $0.42/lb w-o-w to $24.07/lb.
Ferro vanadium market remains stable
Ferro vanadium (FeV 50%) prices in India remained largely stable, slipping marginally by INR 11,000/t ($124/t) w-o-w to INR 1,147,000/t ($12,929/t) ex-Raipur. The slight decline was driven by limited buyer acceptance towards higher offers and steady Chinese vanadium pentoxide prices, which kept overall market sentiment balanced and trade activity subdued.
Ferro titanium prices remain flat w-o-w
Indian ferro titanium (Ti: 70%, 10-50 mm) prices remained stable w-o-w at INR 295,000/t ($3,330/t) exw. Trades for around 27 t were recorded by BigMint within the range of INR 295,000-300,000/t ($3,330-3,387/t). The market remained balanced amid adequate supply and steady demand from the steel sector, and no major fluctuations were observed in market sentiment.
IEX spot prices rise w-o-w
Electricity prices on the Indian Energy Exchange (IEX) stood at INR 3.1/unit during 01-08 November, rising from INR 2.37/unit in the previous week.
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