After witnessing an incessant rise, Indian Manganese Alloy prices softened moderately as steel demand and prices retreat.
“I think Manganese Alloy prices have probably reached a ceiling, and a price correction is underway. And now buyers are pausing for a clearer market direction,” said a producer. He also added that lower prices for billets have highly influenced the Silico Manganese offers in India.The price decline in Silico Manganese followed a modest softening in India’s domestic steel prices in general.
Silico Manganese prices, being sensitive to steel market, softened as buyers are currently waiting to see how much lower the Silico Manganese prices can go. Contrarily, Ferro Manganese producers seemed bullish as they concluded good volume of deals.
As the Indian government imposed anti-dumping duty on Chinese stainless steel imports to safeguard the domestic sector, a Ferro Manganese producer claims that Ferro manganese price may go up in line with a brighter stainless steel market.
SteelMint assessed Silico Manganese prices at INR 65,000/MT (Ex-Raipur) and INR 66,500/MT (Ex-Durgapur). Ferro Manganese, on the other hand, is being traded at INR 73,000/MT (Ex-Raipur) as well as (Ex-Durgapur).
SteelMint learned that production of the commodity may rise in Durgapur as the power restriction issue by DVC has been solved.
Seaborne demand for both the Manganese Alloys has not been very encouraging as inquiries remained moderate.
Silico Manganese demand in overseas remained flat while buyers of Ferro Manganese held their purchase in view of a recent uptick in export offers.
Export offers for Silico Manganese are assessed at USD 1040/MT for 60-14 grade owing to its low demand and USD 1170/MT for 65-15 grade. While the prices for Ferro Manganese is assessed at USD 1175/MT for 75% grade and USD 1125/MT for 70% grade.
The buyers both the Manganese alloys are currently on wait-and-watch mode owing to recent changes in steel as well as stainless steel market in India.
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