- Silico manganese prices surge following MOIL’s elevated offers
- Ferro chrome prices reach lowest point in three months
Silico manganese prices surge amid elevated ore offers
Silico manganese prices in India increased by around INR 2,000/t ($24/t) w-o-w to INR 67,400-68,300/t ($809-820/t) exw across major markets of Raipur, Durgapur, and Vizag. The price uptick was driven by MOIL’s elevated ore offers, rising by 6% for grades above Mn44% and 3% for below Mn44% grade. Furthermore, reports of production cuts contributed to restricted material availability.
Ferro manganese prices rise amid demand uptick
Ferro manganese (HC70%) prices witnessed a w-o-w increase of INR 800/t ($10/t) and INR 900/t ($11/t) in Raipur and Durgapur, reaching INR 68,000/t ($816/t) exw, respectively. With only a few producers currently in operations and a slight uptick in demand, prices witnessed a rise.
Ferro chrome prices dip to 3-month low
Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) experienced a w-o-w decline of INR 1,600/t ($19/t) on 5 April, settling at INR 111,600/t ($1,338/t) exw-Jajpur. This drop is attributed to limited acceptance of sellers’ offers. Despite a slight increase in stainless steel prices for 304 grade, overall market volatility persisted.
In a recent auction held by Vedanta-FACOR on 5 April, the larger lot (10-150 mm) fetched an H1 price of INR 110,200/t ($1,323/t) exw, coming very close to the base price of INR 110,000/t ($1,321/t). However, bids fell by INR 2,400/t ($29/t) m-o-m, reflecting the prevailing conditions in the stainless steel market.
Imported manganese ore prices stable
The imported manganese ore market exhibited sluggishness over the past three weeks, marked by reduced enquiries and purchase volumes. Market participants are displaying a lack of buying interest, leading to difficulties in closing deals and a subsequent decline in demand for manganese alloys.
Ferro silicon prices decline following Bhutan’s latest offers
Indian ferro silicon (FeSi:70%) prices saw a w-o-w decline of INR 500/t ($6/t), settling at INR 100,000/t ($1,199/t) exw-Guwahati on 5 April. Similarly, Bhutan also experienced a drop of INR 600/t ($7/t) w-o-w, reaching INR 100,000/t ($1,199/t) exw.
Following Bhutan’s announcement of new prices for the month, producers in both regions adjusted their prices accordingly.
IEX spot prices rise
Spot electricity prices at Indian Energy Exchange (IEX) exhibited a decline this week. Prices went up by 35% to INR 5.14/unit during current week (31 March- 6 April) against INR 3.8/unit last week.
Stability in ferro molybdenum prices amid steady global market
Indian ferro molybdenum prices stayed consistent w-o-w, experiencing a minor decrease of INR 13,000/t ($156/t). As on 5 April, prices stood at INR 2,341,000/t ($28,065/t) exw-Nagpur on a 60% pro rata basis.
The global market showed limited activity during the past week, attributed to holidays, while LME prices remained stable. However, there was a decline in China’s prices as reports suggested that steel mills acquired material at reduced prices.
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