Indian silico manganese prices remain stable despite dull demand in the market. The producers in Raipur had increased their offer prices in line with MOIL raising their manganese ore prices by 10% m-o-m in Sep’ 20. However, the increased offers were not accepted and the producers were forced to reinstate the prices to earlier levels.
Meanwhile, producers in Durgapur are firm at their offers and the prices have not changed w-o-w and are stable at INR 61,500-62,000/t. In Raipur, the prices are currently at INR 62,000-62,500/t. The exporters are also worried about the weaker export realization amid the appreciated Indian currency.
Seaborne manganese ore prices increased on strong Chinese currency
Last weekend, major manganese ore miners increased their offer prices to China on a stronger Yuan. Although the inventories in China are at a record high, the smelters have accepted higher prices in dollar terms, as they would have to pay higher prices in their domestic currency for port procurements. Meanwhile, the silico manganese prices also ticked up in China, which boosted the sentiments for absorbing higher prices of manganese ore. However, the increase in the imported ore prices didn’t affect the Indian market despite a lacklustre steel market and in turn low demand for silico manganese.
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