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At least two Indian manganese alloy producers have switched to ferrochrome production this month on the back of surging manganese ore prices as well as tightening supplies, market sources said Friday.
Offers for 45-46%-grade Australian manganese ores were heard at $8/dmtu, CIF India, last week, according to a market source.
S&P Global Platts assessed 44%-grade manganese ore at $8/dmtu CIF China on October 28, doubling from $4/dmtu CIF China assessed on April 1.
Silicomanganese and ferromanganese prices are also rising as a result but at a slower pace than manganese ore. On the back of tightening supplies, Indian producers fear a further rise in feedstock costs while margins narrow, said market sources.
One Indian manganese alloy producer with a 1 million mt/year alloy smelting capacity based in Kolkata and another in Mumbai, have started the switch, but this could not be confirmed.
The producers have started trial production of high-carbon ferrochrome lumps with 10-150 mm sizes, chrome content of 50-60% content, for future sales in the Indian domestic market, according to local ferrochrome producers.
Their ferrochrome output has not been offered in the market yet, and the total monthly output will be limited to several thousand tons at the early stage, said one ferrochrome producer.
The manganese alloy producers do not own chrome ore resources and are sourcing chrome ore feedstock from state-owned Odisha Mining Corporation via monthly sell tenders, the producers said.
"Because they don't have feedstock, their cost of production is high," said a second Indian ferrochrome producer.
Indian producers also use ore imports from Oman. The Omani 32-35% chrome ore trades at around $180-$200/mt, basis unknown, which is lower than the more widely traded South African 42% UG2 ore, at around $300/mt CIF China.
In India, domestic ferrochrome prices are at 110 cents/lb ex-plant, said the first producer.
India's ferrochrome production capacity is around 1 million mt/year, according to the sources.
Like manganese ore, chrome ore prices have also been rising. The most widely traded South African UG2 prices rose from $200/mt CIF China to $300/mt CIF China in the past month, Platts had reported.
"Ore prices increased too quickly and that could hurt some aspects of the industry. It should be step by step," said one ore miner.
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