Indian Silico Manganese prices in Raipur went down amid higher selling pressure. However, prices in Durgapur were a bit volatile, as the prices in Friday last week went down to INR 63,500/MT but it was raised from Saturday as the prices of imported Manganese ore increased. Producers in the Durgapur area were highly affected by the oversupply of Silico Manganese in the region since the past few weeks. Meanwhile, the prices of Silico Manganese went down as compared to Raipur region.
As the portside ore and alloy prices increased in the Chinese market, the prices for Manganese Ore increased by about 5% W-o-W. Meanwhile, a major producer of Silico Manganese namely, Hebei Steel released their purchase price and the prices were up by 600Yuan/MT. Few producers in China were reluctant in buying previous week, procured March deliveries of low-grade ores after the announcement of the purchase price by Hebei. With the extended holidays in China, the consumption was curbed and therefore initially cargoes will be required to cater to the demand of alloy smelters. However, there is a lot of material already in stock, and soon the situation of oversupply may arise.
Prices of Silico Manganese remained stable in Durgapur WoW at INR 64,000-64,500/MT Ex-Durgapur and in Raipur, the prices are at around INR 64,000-64,500/MT. Although the demand remains tepid in Raipur, the producers are quite firm with their offers. The export market remains dull, and deals are scarce. In the export market, the price decreased W-o-W to USD 880/MT for 60-14 grade and USD 970/MT for 65-16 FoB India.
On the future outlook, producers are still looking in the haze on where the market could turn as the Chinese market opens. Although, producers anticipate that the higher prices of Imported Manganese ore is shortlived and may come down after a few weeks.
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