Indian sellers of Silico Manganese continue to lower prices, having met with limited demand. Prices fell to 15-month low
India’s domestic Silico Manganese maintained a downward trend, given tumbling steel prices and weak sentiments. Silico Manganese 60-14 is currently being offered at around INR 51,000 /MT (Ex-Raipur) and INR 52,000 /MT (Ex-Durgapur). Offers from SKS Ispat and Power Ltd. one of the major Ferro Alloy producers in central India, stood at INR 51,000 /MT (Ex-Raipur).
The biggest problem for the Silico Manganese market remained weak steel margins, which constrained demand from steel mills who continued to buy hand-to-mouth. Silico Manganese prices have corrected to a 15-month low.
In the export market, Indian producers of Silico Manganese have kept offers largely unchanged, as overseas demand for Silico Manganese is also very low with Europe on holiday. “Demand for Silico Manganese is declining on all fronts, both foreign and domestic,” said a producer source from Durgapur.
Silico Manganese 60-14 is being offered at USD 800 /MT FoB East-coast India, and Silico Manganese 65-16 is being offered at USD 900 /MT FoB East-coast India.
MOIL cuts Prices by 5-7.5%
Manganese Ore India (MOIL), the country’s largest manganese ore producer, has cut prices of various grades of manganese ore by 5-7.5% for the Quarter January-March, 2015.
The prices of all Ferro Grades of ore (expect Fines) have been reduced by 5% on the previous quarter’s price while the prices of Manganese Ore Fines have been reduced by 7.5% on the previous quarter price.
MOIL is the largest Manganese ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).
SteelMint assessed that MOIL reducing its prices for Manganese Ore, will provide Manganese Alloy producers an opportunity to adjust (lower) prices to garner greater buying interest.
SAIL Tender of 42,600 MT
In December SAIL (Steel Authority of India Limited) had invited tenders for the purchase of Silico Manganese (60-15), to be supplied in four months (Feb – May, 2015), for a total tendered quantity of 42,600 MT. According to industry sources, Vandana Group and Prakash Industries Ltd. have been awarded the tender at INR 52,300 /MT FOR basis. However, no official confirmation could be received from SAIL on this.
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