Prices of Silico Manganese and Ferro Manganese have moved in different directions in the domestic market.
“Softness has been observed in inquiries for Silico Manganese owing to the down-trending steel market,” said a Raipur based producer referring to constant slide in their offers to generate higher sales. Durgapur based producers, however, reduced Silico Manganese prices marginally, as they are witnessing healthy trade levels from the export market.
SteelMint learned from market sources that most merchant traders have discontinued their purchasing activities, as they have not been reimbursed the GST amount they have been paying and are unwilling to invest more capital.
SteelMint assessed Silico Manganese offers at INR 66,000/MT (Ex-Durgapur), and in the range of 64,000-64,500/MT (Ex-Raipur). However, contrary to this, Ferro manganese prices are marching northwards on account of constant demand coupled with rising Manganese ore offers globally. On the other hand, offers for Ferro Manganese are assessed at INR 76,000/MT (Ex-Durgapur) and around INR 73,000/MT (Ex-Raipur). Overseas demand has been very attractive and most of the producers are focusing on the same due to its high margin.
“South-East Asian and Iranian market has enticed most of the producers due to their increasing demand for Manganese Alloys,” said a source discussing the seaborne demand.
Silico Manganese offers are assessed at USD 1050/MT for 60-14 grade and USD 1200/MT FOB India for 65-16 grade, whereas, for Ferro Manganese it is USD 1130/MT for 70% grade and USD 1180/MT FOB India for 75% grade.
On the future outlook, the offers of Manganese alloys are expected to rise owing to constant demand and more importantly rising ore prices in global markets.
Leave a Reply