- Silico manganese prices drop weekly, high-grade imported manganese ore prices inch up
- Ferro chrome prices remain range-bound on lower acceptance of higher offers
- Ferro silicon prices fall post-Bhutan’s price announcement
Silico manganese prices drop w-o-w on lower trades, weak demand
Silico manganese prices in India took a downtrend w-o-w by INR 2,550/t ($31/t) to INR 73,500-73,700/t ($880-883/t) exw across markets (Raipur, Durgapur and Vishakhapatnam). Weak demand from local steel mills, limited trade activities, production cuts and subdued export inquiries have suppressed the domestic market.
Meanwhile, the domestic steel billet index stood at INR 39,850/t ($477/t) exw-Raipur, down INR 950/t ($11/t) w-o-w on 5 July at 17:59 hrs.
Ferro manganese prices fall on limited market activity
Ferro manganese (HC70%) prices decreased significantly w-o-w by INR 3,700/t ($44/t) in Raipur, reaching INR 83,400/t ($999/t) exw. Meanwhile, in Durgapur, prices dropped by INR 2,800/t ($34/t) w-o-w to INR 83,500/t ($1,000/t). Prices dropped as demand persisted weakness and market remained volatile.
Imported manganese ore prices rise
Prices of imported manganese ore (Mn37-46%) increased w-o-w. Prices of Mn37% (South Africa origin) inched down by $0.25/dmtu to $5.55/dmtu; Mn44% from Gabon stood at $9.15/dmtu up by $0.7/dmtu; while Mn46% of Australian origin stood at $9.6/dmtu, up by $0.55/dmtu w-o-w. All prices are CIF India.
However, cargo arrivals for manganese ore remained steady w-o-w for Mn37%, Mn44%, and Mn46%.
Ferro chrome prices remain stable after conclusion of FACOR’s auction
Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) remained range-bound w-o-w with slight decline by INR 100/t ($1/t) on 5 July, settling at INR 111,000/t ($1,330/t) exw-Jajpur. Price stayed robust as there was lower acceptance of higher quotes and the overall market functioned cautiously.
Meanwhile, stainless steel prices of 304 grade remained steady w-o-w at INR 178,000/t ($2,132/t) exw-Mumbai.
Ferro silicon prices fall post-Bhutan’s price announcement
Indian ferro silicon (FeSi:70%) prices went down w-o-w by INR 400/t ($5/t) settling at INR 95,000/t ($1,138/t) exw-Guwahati on 1 July. Meanwhile, Bhutan’s prices fell by INR 1,600/t ($19/t), reaching INR 95,000/t ($1,138/t) exw. The drop in offers followed Bhutan’s new offers for July at INR 95,000/t ($1,138/t) exw.
Ferro molybdenum prices remain stable on unacceptance of higher offers
Domestic ferro molybdenum prices remained largely stable w-o-w with slight increase by INR 9,000/t ($108/t). As on 5 July, prices stood at INR 2,702,000/t ($32,360/t) exw-Nagpur on a 60% pro rata basis. Prices were moderately stable as the market still remained hesitant in accepting higher offers. However, a little w-o-w decrease of $0.16/pound to $23.3/pound on 25 June was seen on the London Metal Exchange (LME).
Ferro vanadium prices inch down on declining raw material prices
Indian ferro vanadium prices remained largely stable this week, with FeV 50% prices at INR 1,255,000/t ($15,030/t) ex-works (50% prorate), down w-o-w by INR 25,000 ($299/t), as per BigMint’s assessment. The ferro vanadium market witnessed a slowdown this week with declining raw material prices and subdued demand.
IEX spot prices diminish
Spot electricity prices continued to slide on the Indian Energy Exchange (IEX) due to reduced buying demand for power during the monsoon season. Prices declined by 22% to INR 4.2/unit from 30 June to 6 July, down from the previous week’s rate of INR 5.4/unit. The bids for power to sell exceeded buy-side bids by 1.56, thereby keeping clearing prices below INR 5/unit this week.
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