Improved seaborne demand for Indian manganese alloys has lifted its prices upwards in both domestic and overseas market.
Manganese alloys producers across India are bullish owing to strong steel fundamentals in the region along with the increase in Manganese Ore prices being the major reason for hike in prices. Most of the manganese alloy realization is attributed to overseas requirement as demand in India is moderate.
“The Middle East and Europe are our primary target market as of now,” said a source. Export offer for Silico Manganese remains stable at USD 1050/MT for 60-14 grade and USD 1150/MT for 65-16 grade. However, offers for Ferro Manganese has further gone up to USD 1135/MT for 70% grade and USD 1200/MT for 75% grade.
SteelMint assessed Silico Manganese at INR 67,000/MT (Ex-Durgapur) and INR 66,000/MT (Ex-Raipur). As far as Silico Manganese is concerned, supply shortage of 60-14 grade in domestic market owing to bulk production of 65-15 grade coupled with high overseas demand has caused offer price to move up.
Similarly, Ferro Manganese also witnessed a hike in its prices and is currently being offered at INR 73,000/MT (Ex-Durgapur) and (Ex-Raipur).
On the future outlook, market participants are confident about the present market trend to sustain. They are expecting the market to remain firm with possibility of a further upward movement in Manganese Alloys prices.
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