India: Limited Buying Interest Drives down Manganese Alloys’ Spot Prices

Offer for Manganese Alloys slips further on softening of demand.

Silico Manganese prices slip further, stemming at INR 64,000/MT (Ex-Durgapur) and INR 63,500/MT (Ex-Raipur). Ferro Manganese, also, witnesses a similar trend falling by INR 2,000/MT at INR 74,000/MT (Ex-Durgapur), while remaining unchanged at INR 73,000/MT (Ex-Raipur).

“Considering the festival of Durga Puja in West Bengal, the buyers have been holding their purchase which prompted us to reduce our offers,” said a Durgapur based producer justifying the softness in demand for the commodities.

“A recent fall in trading activities for steel has influenced the Silico Manganese prices, pulling its prices down. While demand for Ferro Manganese has softened relatively and we are not able to reduce its prices further due to rising Manganese ore offers,” said another source discussing the market scenario of Manganese Alloys.

SteelMint learned that bulk trades for Ferro Manganese have also been concluded at INR 72,000/MT but some sources claim that payment terms and volume of the commodity must have been the reason for such offers.

Overseas demand for the Manganese Alloys has been constant with the number of inquiries remaining satisfactory.

SteelMint assessed the export offers for Silico Manganese at USD 1050/MT FOB India for 60-14 grade and USD 1190/MT FOB India for 65-15 grade. On the other hand, offers for Ferro Manganese remained stable at USD 1130/MT FOB India for 70% grade and USD 1185/MT FOB India for 75% grade.

In the near-term Manganese Alloy prices are expected to be under pressure unless demand improves.