Expectations of upward price revision of Manganese Ore by MOIL have encouraged Indian Silico Manganese producers to raise their offers.
“Demand has been moderate in the market while another factor determining the price is supply constraint”, said a producer source referring to major power cuts in Durgapur.
Alloy producers in Durgapur have been witnessing massive power cuts which are hampering production.
Limited inventory with sellers coupled with constrained supply has encouraged sellers to raise their offers.
SteelMint assessed Silico Manganese prices at INR 67,000/MT (ex-Durgapur) and INR 66,000/MT (ex-Raipur).
The overseas market, on the other hand, has been encouraging as lower offers from Indian producers have enticed many buyers.
“A depreciated INR against the USD has created room for producers to lower their offers”, said a source. However, he added that an upward momentum in China due to the scarcity of Silico Manganese has pushed export offers upwards.
Export offers are assessed at USD 960/MT FOB India for 60-14 grade and USD 1080/MT FOB India for 65-16 grade.
On the future outlook, market participants are bullish about the commodity as they expect prices to move up further.
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