- Exporters slash offers on limited inquiries, ample supply
- China’s SiMn prices slip amid weak downstream demand
Indian silico manganese export prices continued to soften this week, amid sluggish demand and lower asking rates from sellers. Market participants highlighted that muted inquiries from traditional markets, coupled with cautious procurement by global steel mills, pressured alloy prices.
As per BigMint’s latest assessment, export prices of the 65-16 grade declined by $3/tonne (t) w-o-w to $920/t FOB, while the 60-14 variant registered a sharper fall of $10/t to $819/t FOB
Market overview
Weak restocking, ample supply drags down export prices: The price decline was largely driven by the absence of strong restocking activity, as buyers preferred to stay on the sidelines in anticipation of further price corrections.
The export market’s asking rates for 60-14 grade were at around $800/t FOB Haldia/Vizag, a level reflecting sellers’ struggles to secure bookings in a slow market. Sources indicated that inquiries for only 2,000-3,000 t were currently heard, insufficient to support prices meaningfully.
Adding to the pressure, ample domestic availability of silico manganese and muted sentiment in the global steel sector prevented any major upside. With steel mills adopting a cautious stance and spot bookings yet to show momentum, sellers found little support and reduced asking rates despite a slight uptrend in imported manganese ore tags.
Traders highlighted that unless overseas demand revives and inquiry volumes rise, Indian silico manganese export prices are likely to remain under stress in the near term.
China’s SiMn prices slip on weak downstream demand: Chinese silico manganese (65-17) prices slipped by RMB 80/t ($11/t) w-o-w to RMB 5,590-5,860/t ($784-822/t) exw, including taxes. Prices remain under pressure amid falling ore costs due to rising port inventories of the same. Weak downstream demand and ongoing export restrictions also left the market with limited near-term support.
Restocking supports imported Mn ore, outlook remains cautious: Imported manganese ore prices in India edged higher this week on restocking demand and tight portside availability. Australian 46% Mn ore rose to $4.70/dry metric tonne unit (dmtu) (+$0.02/dmtu), Gabonese 44% Mn to $4.39/dmtu (+$0.01/dmtu), and South African 37% Mn lumps to $4.15/dmtu (+$0.01/dmtu). However, with alloy markets still weak, traders see limited upside unless demand improves, while upcoming auctions and fresh arrivals remain key market drivers.
Outlook
Silico manganese export prices are expected to remain steady in the near term, with ore tags providing some support against further declines. However, recovery in overseas demand will be key for future trends.
Meanwhile, South32 raised its October offers, lifting South African 37% ore by $0.05/dmtu to $4.10/dmtu and Australian 42% ore by $0.05/dmtu to $4.50/dmtu, citing improved demand, tighter supply, rising costs, and higher freights.
Leave a Reply