- Ferro chrome prices hit 2-month low amid bid-offer disparities
- Silico manganese slips on soft export demand, EU market concerns
Indian ferro alloy prices largely declined w-o-w across commodities. However, ferro silicon prices jumped to a 7-month high, bucking the downtrend.
Tight supply lifts ferro silicon to a 7-month peak
Indian ferro silicon (Si 70%) prices increased by INR 8,500/tonne (t) ($95/t) w-o-w to a seven-month peak of INR 98,500/t ($1,099/t) exw-Guwahati, while Bhutan’s prices stood at INR 97,800/t ($1,088/t), up by INR 6,300/t ($70/t). Limited material availability prompted sellers to raise offers and pushed prices to a seven-month high amid firm demand.
Ferro chrome dips to 2-month low, further decline likely
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices dropped by INR 800/t ($9/t) to a two-month low of INR 114,700/t ($1,294/t) exw-Jajpur, as per BigMint’s assessment dated 21 November. Prices fell amid persistent bid-offer mismatches in the market. Trading activity also stayed subdued during the assessment period, with most participants awaiting the outcome of the chrome ore auction from the Odisha Mining Corporation (OMC).
At OMC’s chrome ore auction on 19 November, 88,400 t were sold out of the 93,800 t offered. Bids fell by 2-21% (INR 461-7,635/t) m-o-m across various grades, except for the below 40% grades, for which bids remained unchanged.
Additionally, OMC has announced an auction on 24 November for 2,000 t of high-carbon ferro chrome across multiple grades (Cr: 50-64%, 0-100 mm). The base price for the larger lot of 1,100 t (Cr:60-64%, 10-100 mm) has been set at INR 115,000/t ($1,296/t) exw.
Silico manganese prices decrease amid tepid demand
Indian silico manganese (60-14) prices dropped by INR 900/t ($10/t) w-o-w to INR 70,200-70,800/t ($783-790/t) in Durgapur, Raipur, and Vizag. Domestic silico manganese prices dipped as exporters faced weak overseas demand, concerns about the EU’s safeguard quota, and rising inventories, while volatile steel prices added further pressure.
Meanwhile, export prices of the 65-16 grade also edged down by $5/t w-o-w to $922/t FOB Vizag/Haldia, India.
Additionally, China’s Hebei Iron and Steel Group (HBIS Group) has announced its silico manganese bid prices for November. The 65-17 grade was quoted at RMB 5,820/t ($819/t), unchanged m-o-m. The price is inclusive of all taxes and freight to HBIS Group facilities.
Ferro manganese prices fall as buyers resist higher offers
Indian ferro manganese (HC 70%) prices dropped by INR 600/t ($7/t) w-o-w to INR 72,100/t ($804/t) exw-Durgapur; meanwhile, prices also fell by INR 1,300/t ($15/t) w-o-w to INR 72,400/t ($808/t) exw-Raipur. Weak buying interest, limited acceptance of higher offers, and subdued spot demand pressured producers to reduce quotations.
Additionally, HC 75% ferro manganese prices decreased by $15/t w-o-w to $900/t FOB Vizag/Haldia.
Imported manganese ore prices remain largely steady w-o-w
Prices of higher grades of imported manganese ore (Mn 37-46%) remained largely stable w-o-w. Mn44% from Gabon stood at $4.66/dry metric tonne unit (dmtu) w-o-w, down by $0.01/dmtu and Mn46% from Australia was at $5/dmtu CIF India, down by $0.01/dmtu w-o-w. However, Mn37% from South Africa was assessed at $4.25/dmtu unchanged w-o-w.
Additionally, UMK has maintained its December 2025 offer for 36% semi-carbonate manganese ore at $4.10/dmtu CIF China, unchanged m-o-m. Likewise, Jupiter Mines set its December 2025 offer for 36.5% high-grade semi-carbonate lumps at $4.10/dmtu CIF China.
Ferro molybdenum slips to near five-month low amid weak demand
Indian ferro molybdenum prices dropped by INR 85,000/t ($959/t) w-o-w to a five-month low of INR 2,690,000/t ($30,338/t) exw. The market was subdued, marked by limited trading and lacklustre buying interest due to weak demand from the stainless steel sector.
On the London Metal Exchange (LME), molybdenum futures slipped slightly by $0.81/lb w-o-w to $22.20/lb.
Ferro vanadium market weakens on rising inventories
Ferro vanadium (FeV 50%) prices in India eased by INR 3,000/t ($34/t) w-o-w, settling at INR 1,135,000/t ($12,834/t) ex-Raipur. The softening was driven by rising inventories and muted demand from the special steel sector. Steady import inflows, cautious procurement sentiment, and limited spot inquiries added further pressure, keeping domestic prices on a weaker footing.
Ferro titanium prices remain flat w-o-w
Indian ferro titanium prices (Ti 70%, 10-50 mm) held steady w-o-w at INR 292,500/t ($3,297/t) ex-works. Market conditions remained balanced, with supply and demand largely in sync, though a few deals were reportedly concluded at marginally lower levels. Overall, the market showed little to no price movement over the week.
IEX spot prices inch down w-o-w
Electricity prices on the Indian Energy Exchange (IEX) stood at INR 2.80/unit during 16-21 November, edging down from INR 2.83/unit in the previous week.
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