- Ferro chrome prices remain steady w-o-w
- Ferro silicon prices drop, post-Bhutan offers
Ferro chrome prices largely stable w-o-w
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices were largely steady with a slight decline of INR 300/t ($3/t) w-o-w at INR 97,300/t ($1,124/t) exw-Jajpur. Prices were steady as routine trading activities were carried out at current prices.
Meanwhile, prices of stainless steel 304 grade HRCs were steady w-o-w at INR 179,000/t ($2,045/t) exw-Mumbai.
Silico manganese prices surge to 7-month high
Indian silico manganese prices surged to a seven-month high, increasing by INR 1,100/t ($13/t) w-o-w to INR 71,400-72,700/t ($825-840/t) in key regions of Durgapur, Raipur and Vizag. A significant impact was felt on domestic silico manganese prices post-increase in MOIL’s prices of manganese ore for February 2025 deliveries.
Additionally, prices of the 65-16 grade stood at $961/t FOB Vizag/Haldia, India, up $11/t w-o-w.
Ferro manganese prices spike w-o-w
Indian ferro manganese (HC 70%) prices went up by INR 500/t ($6/t) to INR 75,000/t ($866/t) exw in Durgapur. Prices exw-Raipur were also up by INR 900/t ($10/t) and stood at INR 75,400/t ($871/t). Prices increased due limited supply.
Meanwhile, HC 75% ferro manganese prices also went up by $10/t w-o-w to $967/t FOB Vizag/Haldia.
Imported manganese ore prices edge up
Prices of imported manganese ore (Mn 37-46%) inched up across grades, w-o-w. Mn44% from Gabon stood at $4.83/dry metric tonne per unit (dmtu), up by $0.35/dmtu. Mn37% from South Africa was at $4.57/dmtu, up by $0.2/dmtu w-o-w and Mn46% from Australia, at $5.16/dmtu CIF India, rising by $0.37/dmtu.
Cargo arrivals of all the three grades increased a significant 95% w-o-w.
Additionally, Eramet Comilog, a major manganese ore exporter from Gabon, has set its March 2025 shipment prices for Mn 44.5% lumps at $4.75/dmtu and 43% grade chips at $4.55/dmtu, both CIF China, marking a $0.45/dmtu increase m-o-m.
Ferro silicon prices drop post-Bhutan’s prices announcements
Indian ferro silicon prices dropped by INR 1,300/t ($15/t) w-o-w to INR 100,900/t ($1,166/t) exw-Guwahati. Prices also declined by INR 1,700/t ($20/t) in Bhutan to INR 100,400/t ($1,160/t) exw. Bhutanese players announced a reduction of INR 4,000/t ($46/t) m-o-m in ferro silicon prices which reached INR 100,000/t ($1,148/t) exw for Feb’25 sales. Persistent bid-offer gaps and weak demand in the previous month have led to this price reduction, as noted by BigMint.
Additionally, three ferro silicon plants in Meghalaya remain closed since the last two-three days due to pollution control violations, according to credible sources.
Ferro molybdenum prices rise w-o-w
Indian ferro molybdenum prices rose by INR 20,950/t ($242/t) w-o-w to INR 2,543,450/t ($29,381/t) exw-India. A rise in demand was seen, majorly from European buyers which pushed up the global as well as domestic Indian prices. Additionally, supplies were also restricted in Asia due to the Lunar New Year holidays in China.
Meanwhile, on the London Metal Exchange (LME) platform, the material inched up by $0.35/lb w-o-w to $20.68/lb.
Ferro vanadium prices remain largely stable
Indian ferro vanadium (FeV 50%) prices edged up w-o-w by INR 8,750/t ($101/t) to INR 1,085,000/t ($12,534/t) exw-Raipur. The ferro vanadium market has seen minimal movement, with stable offers due to weak demand. Sparse buyer inquiries contributed to a supply-demand imbalance. Price clarity is anticipated post-Lunar holidays in China, which may stabilise prices.
IEX spot prices edge up w-o-w
Electricity prices on the Indian Energy Exchange (IEX) inched up to INR 4.48/unit during the period from 3-8 February 2025, going up from INR 4.28/ unit in the previous week, reflecting a 5% w-o-w increase.
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