Weekly round-up: Ferro alloys prices show mixed trends amid cautious market sentiment

Silico manganese prices stabilise amid need-based buying
Ferro chrome prices remain stable w-o-w
Ferro silicon prices drop on resistance to higher quotes

Silico manganese prices inch down on need-based buying

Silico manganese prices remained largely steady w-o-w, inching down by around INR 250/t ($3/t) to INR 68,200-68,900/t ($812-821/t) exw in Raipur, Durgapur and Vishakhapatnam. Domestic silico manganese prices stayed range-bound for another week, driven by cautious buying activity and limited market movement.

The domestic steel billet index stood at INR 38,300/t ($456/t) exw-Raipur, unchanged w-o-w on 16 August.

Ferro manganese prices remain stable

India’s ferro manganese (HC70%) prices were largely stable with inching down w-o-w by around INR 100/t ($1/t) in Raipur to INR 75,000/t ($893/t) exw. Meanwhile, in Durgapur, prices dropped INR 700/t ($8/t) w-o-w to INR 74,700/t ($890/t). Prices inched down as cautiousness persisted in the market with only need based purchases.

Imported manganese ore prices decline

Prices of imported manganese ore (Mn37-46%) diminished w-o-w. Prices of Mn37% (South Africa origin) down by around $0.3/dmtu to $4/dmtu; while Mn44% from Gabon at $6.15/dmtu decreased by $2.95/dmtu and Mn46% from Australia at $6.6/dmtu CIF India shrinked by $3.1/dmtu w-o-w.

However, United Manganese of Kalahari raised its August shipment offer to $3.80/dmtu CIF China for 36% semi-carbonate lump, while Jupiter Mines set August’s high-grade 36.5% semi-carbonate lump at $3.90/dmtu.

Additionally, cargo arrivals for manganese ore Mn37%, Mn44%, and Mn46% also fell by 37% w-o-w.

Moreover, Eramet comilog lowered their september price for 44.5% for Gabonese grade to around $6/dmtu CNF China and the Gabonese Chip is at around 5.80/dmtu CNF China, however it could not be confirmed till the time of publishing the report.

Ferro chrome prices largely stable w-o-w

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) stayed range-bound w-o-w, inching down by INR 300/t ($4/t) on 14 August, settling at INR 103,100/t ($1,228/t) exw-Jajpur, as demand declined continuously. Prices held steady as regular trades occurred in the market last week. However, the previous trend of bid-offer disparity continued to influence the market.

Furthermore, Odisha Mining Corporation’s (OMC’s) auction for chrome ore and ferro chrome is scheduled on 20 August which will provide further clarity on prices.

However, Stainless steel prices of 304 grade HRC inched up by INR 1,000/t ($12/t) w-o-w to INR 179,000/t ($2,132/t) exw-Mumbai.

Ferro silicon prices decline on resistance to high offers

Indian ferro silicon (FeSi:70%) prices dropped around INR 400/t ($5/t) w-o-w, settling at INR 88,400/t ($1,053/t) exw-Guwahati on 16 August. Meanwhile, Bhutan’s prices fell by INR 700/t ($8/t) reaching INR 89,100/t ($1,061/t) exw. Prices dropped as resistance continued in the market to higher offers.

Ferro molybdenum prices stable on limited inquiries

Domestic ferro molybdenum prices remained largely stable w-o-w with a slight decline of INR 8,000/t ($95/t). As on 16 August, prices stood at INR 2,479,000/t ($29,530/t) exw-Nagpur on a 60% pro rata basis. Limited inquiries prompted panic sales which resulted in the price drop.

Ferro vanadium prices stable w-o-w

Indian ferro vanadium prices on 14 Aug’24 remained unchanged w-o-w amid sluggish market sentiments. FeV 50% prices stood at INR 1,150,000/t ($13,699/t) exw-Raipur (50% prorate) due to sluggish market conditions and weak demand for special steels. Minimal buying activity and the holiday season contributed to the stability.

IEX spot prices rise

Spot electricity prices increased by 15% w-o-w to INR 4.99/unit from 11 August to 17 August, up from the previous week’s INR 4.34/unit.

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