Buying interest remained lukewarm with most end users staying on sidelines due to the financial year-end .
The spot price for Silico Manganese in India remains unchanged with scanty trading activity, as buyers steered clear of any transaction; waiting for MOIL prices for the next quarter to provide a direction. Most market participants are of the view that MOIL will cut Manganese Ore prices for the next quarter.
Grade 60-14 is currently being offered at around INR 45,000-45,500/MT (ex-Raipur) and at around INR 47,000 (ex-Durgapur).
Moreover, Odisha High Court in its hearing on 25th March 2015, ordered the State Government to act according to the MMDR Act, which gives a transition period till March 2020 for merchant miners and 2030 for captive miners. Market participants expect mining to resume in Odisha by the end of April or beginning of May 2015. This will further boost Manganese ore supply in the market.
It may be noted that nine Manganese ore mines in Odisha, which were due for second deemed renewal, have been closed since May 2014.
Meanwhile, Silico Manganese 60-14 is being offered at USD 720-730/MT FoB East Coast of India, and 65-16 grade at USD 800/MT FoB East Coast of India. In the export market, Indian Silico manganese FoB prices continued on a sharp decline on account of the weak INR and willingness by sellers to lower prices to attract buyers. However, most Indian producers of Silico manganese reported of poor overseas demand and seemed gloomy over the current market situation as they are unable to compete with their Russian and Ukrainian counterparts.
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