Domestic Manganese ore prices showed no signs of recovery amid lower trade as buyers continued to stay away.
Domestic offers for Manganese ore from Balaghat remain unchanged, although the demand is low, in line with the lackluster market for Manganese alloys, with little or no deals having been concluded, reported a miner source from the region. Currently in Balaghat, Manganese ore 30% is being offered at INR 6,800/MT (USD 3.7/dmtu), 40% at INR 10,000/MT (USD4 .1/dmtu) and 48-50% at INR 12,500/MT (USD 4.2/dmtu) (prices mentioned above are ex-mines including royalty and excluding taxes). In the domestic market, there is low quality Manganese ore available and so most end-users prefer imported ore, which is of a better quality.
Earlier, MOIL announced its quarterly revision of Manganese ore prices for the next quarter (Oct’14-Dec’14). The prices of all Ferro grades of ore have reduced by 10%, while, by 5% for Silico grade on the previous quarter price.
Mangilall Rungta mines is currently offering three low grades of Manganese ore. 26-28% Mn grade is being offered at INR 8,200/MT (USD 4.95/dmtu), 28-30% Mn at INR 8,500/MT (USD 4.77/dmtu) and 30-32% at INR 9,200/MT (USD 4.84/dmtu). Odisha Manganese & Minerals Limited (OMML) is presently not offering the material in the market.
About 6,448 MT of Manganese ore is put on auction from SMIORE – Manganese ore mines in Bellary. Manganese content of the material offered ranges from 21-31%, according to information on MSTC’s website. The auction closes at 3 p.m on 28 Oct, 2014.
Indian Manganese alloy market is more or less stable since the last few months and expected to remain firm owing to limited scope of any price correction from the current levels.
Exchange Rate: USD 1= 61.31
Leave a Reply