- Ferro chrome prices increase w-o-w post OMC auction
- Silico manganese prices largely stable on need-based purchases
Ferro chrome prices rise w-o-w on tight supplies
Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices rose by INR 2,500/t ($29/t) w-o-w on tight supplies to INR 100,700/t ($1,162/t) exw-Jajpur. Most market participants were in a wait-and-watch mode ahead of the chrome ore auction from the Odisha Mining Corporation (OMC). Hence, sellers offered a limited volume in the market.
At OMC’s ferro chrome auction on 19 Feb’25, only three lots were sold at the base price. The bigger lot of high-carbon ferro chrome (Cr:60-64%, 10-100 mm) was sold at the base price of INR 95,700/t exw and high-carbon low-silicon (Cr:60-63%, 10-100 mm), too, went at the base price of INR 102,500/t exw.
Silico manganese prices largely stable on need-based buying
Indian silico manganese prices were largely steady w-o-w with slight drop by INR 300/t ($3/t) w-o-w to INR 72,600-74,000/t ($838-854/t) in key regions of Durgapur, Raipur and Vizag. The slight fluctuation in the price was due to the need-based purchases amid slow movement in the steel market w-o-w.
Additionally, prices of the 65-16 grade stood at $975/t FOB Vizag/Haldia, India, up $7/t w-o-w.
Ferro manganese prices remain firm on stable market operations
Indian ferro manganese (HC 70%) prices remained unaltered w-o-w and stood at INR 76,000/t ($877/t) exw in Durgapur. Meanwhie, prices exw-Raipur also remained unchaged at INR 76,000/t ($877/t). The stability in the prices was majorly because of the steady market operations and muted export demand.
However, HC 75% ferro manganese prices went up by $5/t w-o-w to $977/t FOB Vizag/Haldia.
Imported manganese ore prices remain largely stable
Prices of imported manganese ore (Mn 37-46%) remains largely steady across grades. Mn44% from Gabon stood at $4.9/dry metric tonne per unit (dmtu), up by $0.03/dmtu. Mn37% from South Africa was assessed at $4.62/dmtu, down by $0.02/dmtu w-o-w and Mn46% from Australia was at $5.24/dmtu CIF India, rising by $0.03/dmtu.
Additionally, cargo arrivals of all the three grades increased by 34% w-o-w.
Ferro silicon prices slip off on need-based purchases
Indian ferro silicon prices declined by INR 500/t ($6/t) w-o-w to INR 100,900/t ($1,164/t) exw-Guwahati. Prices also diminished by INR 500/t ($6/t) in Bhutan to INR 101,100/t ($1,167/t) exw. Prices fell as need-based buying was seen in the market and no significant impact was observed due to the closure of Meghalaya-based plants.
Ferro molybdenum prices largely stable on market stability
Indian ferro molybdenum prices inched down by INR 13,700/t ($158/t) w-o-w to INR 2,560,000/t ($29,544/t) exw-India. Prices were steady as no major movement was observed in the market and routine trading activities were seen.
Meanwhile, prices on the London Metal Exchange (LME) remained steady, inching down slightly by $0.1/lb w-o-w to $20.5/lb.
Ferro vanadium prices maintains stability
Indian ferro vanadium (FeV 50%) prices inched down w-o-w by INR 6,000/t ($69/t) to INR 1,090,000/t ($12,579/t) exw-Raipur. There was little acceptance for higher quotes due to need-based purchasing, particularly with weak demand for special steel. Stability in Vanadium pentoxide prices further supported overall price stability during this period.
IEX spot prices remain firm w-o-w
Electricity prices on the Indian Energy Exchange (IEX) remained stable at INR 4.33/unit during the period from 16-22 February, going down from INR 4.35/ unit in the previous week.
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