Weekly round-up: Ferro alloys prices rise on positive market shifts

• India's largest Mn ore miner raises offers for May'24
  
  
• Ferro chrome prices stable post key auction's conclusion
  
  

Silico manganese prices hit a 2-year high

Silico manganese prices in India shoot up by around INR 21,250/t ($255/t) w-o-w to INR 92,800-95,600/t ($1,113-1,147/t) exw across major markets of Raipur, Durgapur, and Vizag. Panic buying amid hike in manganese ore prices, both in the domestic and global markets, lifted offers.

MOIL, India's primary manganese ore producer, has raised May prices in response to soaring imported ore costs. High-grade ore (44% and above) has increased by 40%, while lower-grades (below 44%) have witnessed a 25% rise, potentially impacting domestic silico manganese prices.

Similarly, the domestic steel billet index stood at INR 44,500/t ($534/t) up by INR 1,650/t ($20/t) exw-Raipur on 4 May at 11:50 hrs.

Ferro manganese prices surge on inflated demand

Ferro manganese (HC70%) prices rose sharply by INR 21,000/t ($252/t) w-o-w and INR 21,800/t ($261/t) in Raipur and Durgapur, reaching INR 95,000/t ($1,139/t) exw, and INR 96,300/t ($1,155/t) respectively. Prices increased as the overall market witnessed supply shortages and a rise in demand.

Imported manganese ore prices inch up

Prices of imported manganese ore Mn37-46% rose w-o-w on improved global sentiments. Prices of Mn37% were assessed at $5.1/dmtu, up by $0.15/dmtu, Mn44% at $6.2/dmtu, up by $0.1/dmtu, and Mn46% at $6.6/dmtu, up by $0.1/dmtu. All prices are CIF India. Meanwhile, cargo arrivals for manganese ore witnessed a sharp recovery for Mn37%, Mn44%, and Mn46%.

Ferro chrome prices stabilise post-conclusion of key auctions

Prices of Indian high-carbon ferro chrome (HC60%, Si:4%) inched up by INR 100/t ($1/t) on 3 May, settling at INR 107,900/t ($1,294/t) exw-Jajpur. After OMC's and Vedanta-FACOR's auction last month, the market tried to remain at a particular level, and so prices did not move up very significantly.

Meanwhile, prices of 304 grade stainless steel remained constant w-o-w, falling by a slight INR 1,000/t ($12/t) to INR 176,000/t ($24,311/t) exw-Mumbai.

Ferro silicon prices rise on sound demand

Indian ferro silicon (FeSi:70%) prices rose by INR 1,450/t ($17/t), settling at INR 100,600/t ($1,207/t) exw-Guwahati on 3 May, up by INR 2,400/t ($29/t). Meanwhile, Bhutan prices were also up by INR 500/t ($6/t), reaching INR 99,700/t ($1,196/t) exw. Bhutan's price announcements were at INR 98,000/t ($1,175/t) levels, in contrast with Bhutan's prices market price offers were slightly up amidst good export realisations.

Ferro molybdenum prices rise on active Chinese buying

Indian ferro molybdenum prices rose by INR 48,000/t ($576/t). As on 3 May, prices stood at INR 2,544,000/t ($30,510/t) exw-Nagpur on a 60% pro rata basis. Heightened demand from China and delayed molybdenum oxide shipments due to geopolitical concerns drove a significant rise, restricting domestic supplies. Meanwhile, on 30 April, prices on the London Metal Exchange (LME) increased by $0.89/pound w-o-w to $20.78/pound.

IEX spot prices increase w-o-w

Spot electricity at IEX experienced a significant weekly increase of 19%, reaching INR 6.04/unit during the period of 28 April to 4 May, compared to last week's INR 5.09/unit. The market witnessed strong demand for power procurement amidst intense heatwaves affecting numerous regions. In total, bids for power purchase exceeded supply-side bids by a factor of 1.25.

Ferro vanadium prices stable on limited demand

Indian ferro vanadium prices remained steady w-o-w amid moderate demand. According to BigMint's assessment, prices ranged between INR 11,70,000-12,00,000/t ex-works, calculated from key market indicators on a 50% pro-rata basis. Limited seller inquiries and subdued buying interest indicated stable prices with slight fluctuations expected in the near term.

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