Indian silico manganese prices remained stable after increasing last two weeks on improvement in the steel market. The rise in domestic demand has left most of the producers booked for the remainder of the month.
On the other hand, imported manganese ore prices continued to soften, and in Durgapur, the buying sentiment remain weak as most of the silico manganese producers have enough inventory and are expecting a further slide in imported manganese ore prices.
In Raipur, manganese alloy producers are waiting for MOIL to release their prices in the next week. There is an expectation that MOIL might roll over the prices as despite lower imported manganese ore prices, the prices of domestic silico manganese has risen.
Currently, the transactional prices of silico manganese are at around INR 59,500-60,000/t ex-Raipur, and INR 60,000-60,500/t ex-Durgapur for regular size. Meanwhile, prices of premium sizes are marginally higher than the mentioned levels.
Indian silico manganese suppliers have been trying to raise export prices as the domestic prices are higher and the appreciation of the Indian currency against the US Dollar. Current silico manganese export prices are assessed unchanged from last week at USD 810 FoB India for 60-14 grade and USD 840 FoB for 65-16 grade. Moreover, many of them have exhausted their MEIS threshold and are not keen to lower offers.
Market participants are keenly waiting for the next manganese ore price revision from MOIL and imported manganese ore index to get more clarity on the future pricing.
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