Indian Silico Manganese producers hiked their offers as MOIL raised the prices of various grades of ores by 5%.
The global Manganese Ore prices climbed in previous few weeks as prices for the alloy in China picked up due to production cut. The ore traders in China raised their offers in view of the rising alloy prices which in turn encouraged the global miners to raise their prices. Therefore, in line with the same MOIL increased its ore prices.
Moreover, the demand for the Manganese Ore is observed to be high especially before the rainy season as mining will reduce due to water clogging.
Hence, considering the same, the prices of Silico Manganese has been raised by its producers despite the demand being moderate.
SteelMint assessed Silico Manganese offers in the range of INR 64,500-65,000/MT (Ex-Durgapur) and 64,000/MT (Ex-Raipur).
The overseas demand for the commodity has been moderate as well and most of them are from Asian countries. However, with the rise in ore price, producers have raised their export offers to USD 1,100/MT FOB India for 65-16 grade and USD 980/MT FOB India for 60-14 grade.
On the other hand, the importers of Manganese Ore are also highly affected by the depreciating INR against USD, which might also control their pricing.
On the future outlook, Silico Manganese prices are expected to maintain stability while any fluctuation in ore prices might determine the prices of the alloy.
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