Domestic ferro alloys market showed a slightly fluctuating trend this week amid moderate demand. Meanwhile, ferro alloys demand in the international market remained soft owing to mixed sentiments.
Manganese ore
Global manganese ore import prices of all grades inched down by around 2% w-o-w to $4.4/dmtu for grade 37%, $5.95/dmtu for grade 44%, and $6.35/dmtu for grade 46%. Production cuts and lack of demand contributed to the decline in manganese ore prices. Prices are less likely to rebound in the near term.
IEX power prices
As power demand was weak, electric spot prices at IEX (Indian Energy Exchange) dropped marginally this week. The average price in day-ahead-market this week (7 August – 13 August) was assessed at INR 4.27/unit as against INR 5.90/unit in the previous week.
Silico manganese
Exported silico manganese prices were range bound on a weekly basis to $958/t for 60-14 grade and $1,060/t for 65-16 grade from Haldia and Vizag ports amid moderate inquiries from importing countries. Meanwhile, silico manganese prices were range bound with nominal fluctuation by 1-2% w-o-w to INR 76,250 /t ex-Durgapur, INR 75,450/t ex-Vizag and INR 76,850/t ex-Raipur. Moderate inquiries led to the price fluctuatation.
Ferro manganese
Exported ferro manganese prices remained almost stable at $1,003/t for HC 70% and $1,063/t for HC 75% grade. Meanwhile, domestic ferro manganese prices were also stable w-o-w at INR 79,350/t ex-Durgapur and INR 79,750/t ex-Raipur. Limited demand for special steel kept ferro manganese prices flat.
Ferro chrome
Indian ferro chrome prices were on a downtrend w-o-w amid muted demand. Domestic ferro chrome prices were also affected by the reduction in purchase tender prices by major Chinese stainless steel producers. As a result, import prices for chrome ore continued to decline amid weak demand from alloy plants. As per SteelMint assessment on 10 August, domestic ferro chrome prices dropped INR 1,900/t w-o-w to INR 94,600/t exw-Jajpur amid sluggish demand as buyers were on a wait-and-watch mode.
Ferro silicon
India’s weekly average increased by INR 6,750/t to INR 144,250/t exw, as assessed on 5 August. Inquiries from end-users were limited as they were anticipating a correction in prices because imported prices were comparatively lower than domestic offers. Meanwhile, Bhutan’s ferro silicon weekly average prices increased by 2% to INR 145,250/t this week amid healthy bookings from buyers at the start of the month.
Trade
SteelMint recorded around 6,500 t of bulk ferro alloys deals this week out of which manganese alloys was around 5,500 t.
Tenders and auctions
- SAIL has issued a purchase tender for 3,500 t of HC ferro manganese (Mn70%, 25-100 mm- lumps) for its Bokaro Steel Plant (BSL), Jharkhand.
- SAIL has invited a purchase tender for 9,000 t of silico manganese (60-15, size:10-50mm) for its Bhilai Steel Plant, Chhattisgarh.
- MOIL will conduct an auction for 5,325 t of different grades of high-carbon (HC) ferro manganese, ferro manganese slag and manganese ore of dioxide grade on 24 Aug’22 from Nagpur plant.
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