The Indian steel market is stable and so is the Ferro Alloy market, resulting in an increase in demand from Indian Manganese Alloy producers to procure the raw material with imported ore still an expensive option
Private miners from Balaghat have raised offers, as the demand is steady, and in line with increased offer prices by MOIL for the next quarter. Earlier, State-owned and India's largest manganese ore producer, Manganese Ore India Ltd (MOIL) hiked prices by 5-10% across its all product offerings for October-December (Quarter-3) owing to low imports and low availability of ore in domestic market. Current prices at Balaghat are: Manganese Ore 36% = INR 10,000/MT ( USD 4.5/dmtu); 44% = INR 14,000/MT (USD 5.17/dmtu). Prices mentioned are excluding Taxes. Domestic offers for Manganese Ore from Odisha remain unchanged. Current prices at Odisha are: Manganese Ore 30-32% = INR 7000/MT (USD 3.67/dmtu); 34-35% = INR 8000/MT (USD 3.77/dmtu). Prices mentioned are excluding taxes. However, offers for imported Manganese Ore could not be confirmed as China was celebrating its National Day and clarity on spot prices is expected in 2-3 days.
For the past few months Private Manganese Ore miners from Balaghat were forced to sell at a discounted rate, as the Manganese Alloy market was slack all through the rainy season, and so was demand for the Ore. Also, stable prices for imported Manganese Ore have provided support to domestic prices. A Manganese Ore trader from Balaghat remarked, “I am very confident that prices will be stable for the next few weeks and may continue to rise steadily in Q3.” He further revealed that he spoke with a few of his associates and they seem to feel that it is a good time to restock since prices have dropped significantly during the summer. Meanwhile, most market participants expect that the total output of Manganese Alloys in the Indian domestic market will keep at current level and the demand may still stay at a low level.
Exchange Rate: USD 1 = INR 61.5
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