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European Ferroalloys Price Insights - January 2023
The beginning of 2023 was not accompanied by any noticeable price fluctuations in the markets of manganese and silicon alloys in Europe amid the seasonal decrease in demand and stabilisation of the situation in the energy market. Meanwhile, a number of factors in the global market triggered a real price rally in the noble ferroalloys segment, primarily molybdenum and vanadium.
Meanwhile, the EU energy price situation is increasingly returning to normal, thanks to a relatively warm winter and the successful diversification of energy sources following the withdrawal of gas supplies from Russia. For example, spot electricity prices in Germany were around 115-120 €/MWh in January which is almost five times lower than the peak in August and 30% below January last year. However, prices for manganese and silicon alloys are currently 2 to 3 times lower than a year ago and ferrochrome quotes are broadly in line with January 2022, while only noble ferroalloys are now significantly higher.
The Metalshub all metals index, meanwhile, recorded a slight decline in the value of a basket of all ferroalloys and metals price indices in January. With the end of holidays in Asia and the likely seasonal increase in demand for ferroalloys in Europe in March, a return to an uptrend in the markets cannot be ruled out.
Metalshub All Metals Index
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Manganese and Silicon
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Seasonally lower demand keeps FeSi prices from rising.
FeSi production in Europe remains depressed, but supply is offset by stocks of imported products.
Electricity prices in the region have fallen below last year's levels.
SiMn and FeMn are supported by a rise in global manganese ore prices.
Despite the repair of railway tracks, manganese shipments from Gabon have not yet fully recovered.
Holidays in China could push up global and European manganese metal prices in February.
Noble and Chromium alloys
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Ongoing protests in Peru have shut down some of the largest molybdenum mines.
FeMo prices are also supported by the New Year holidays in Asia, one of the largest importers of the alloy in the EU.
High-carbon ferrochrome and nickel prices, meanwhile, are falling due to seasonally weak demand from stainless steel producers.
Ferrovanadium and ferrotungsten are rising following molybdenum amid a holiday pause in shipments from China.
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