Weekly Overview Of The Indian Ferroalloy Market

This week, the ferroalloy market came to a standstill. Manganese alloy prices were unchanged amid gloomy global market sentiment, subdued demand and weak trading. On the other hand, ferrochrome prices were steady. Meanwhile, ferrosilicon prices fell on lower bids from Bhutan.

Manganese ore prices are stable

The price of India's Mn37-46% imported manganese ore remained unchanged from last week. The price of Mn37% manganese ore is US$3.75/ton degree, the price of Mn44% manganese ore is US$4.6/ton degree, and the price of Mn46% manganese ore is US$4.95/ton degree, all of which are CIF India. MOIL, India's largest domestic miner, achieved its best performance in history despite torrential rains in July. Production at Eramet fell by 27% year-on-year in the first half of 2023 due to furnace maintenance and logistics issues in Gabon. Meanwhile, Jupiter Mining's January-March 2023 (FY2023 fourth quarter) production was up 9% year-on-year.

Indian energy exchange power prices slightly lower

The weekly average spot price (July 30-August 5, 2023) on the Indian Energy Exchange (IEX) day market fell 9% month-on-month to Rs 3.99/unit, compared to Rs 4.399/unit last week. As coal-fired power generation continues to rise, seller bids have increased, affecting prices.

Silicon-manganese prices are stable

As of August 4, the ex-factory prices of 60-14 silicomanganese in Durgapur and Raipur in India were around 65,600-66,500 rupees/ton. Due to changes in raw material prices, manufacturers no longer offer lower prices because fixed costs have increased. At the same time, MOIL, India's largest manganese ore miner, lowered the prices of various grades of manganese ore in August by 5% month-on-month to maintain parity with international prices.

Ferromanganese prices are stable

India's 70% ferromanganese prices remained stable month-on-month, despite fewer export inquiries and limited demand for special steels. Ferromanganese ex-works quotations from Raipur and Durgapur on August 4 were around Rs 67,000/t.

The price of ferrosilicon fell

The price of 70% ferrosilicon in India fell by Rs 3,300/ton month-on-month, mainly due to poor demand and new bids from Bhutan, and the price is expected to be at a lower level. On August 4, the ex-factory price of ferrosilicon in Guwahati, India was 1.02 million rupees/ton. Meanwhile, offers from Bhutan fell by Rs 4,000/t month-on-month to Rs 1,020,000/t.

Data from steelmint