Indian silicomanganese prices increased w-o-w amidst robust orders with the producers. Indian producers are booked till next mid-month in the domestic market, while in exports June shipments are being offered. Although prices are higher for immediate deliveries, most buyers are inclined towards procuring lower quantities.
Currently, prices are at INR 90,000/t Ex-plant in Durgapur and INR 91,000/t Ex-plant in Raipur. Meanwhile, May deliveries are being offered at much lower levels. Meanwhile, export prices remained stable at $1300/t FOB India, for 65-16 grade.
Key highlights:
- Domestic demand moderate, but sellers remain firm
Indian silicomanganese producers have kept their prices firm amidst better demand in the domestic market. Producers are catering to the previously booked orders and therefore the market is still tight on supply. Most producers reported to SteelMint that they can take bulk orders after mid-May, meanwhile, they have very limited quantity to cater to the spot market. - MOIL increased manganese ore prices by 5% m-o-m
The prices of all grades of manganese ore have been increased by 5% m-o-m in Apr ’21. The total quantity offered is 212,086 t, out of which 126,309t is of Ferro grade and 44,673t of the silicomanganese grade. Although, silicomanganese producers anticipated an increase of up to 15% in line with the silicomanganese prices which has crossed decadal highs. However, prices were capped due to falling imported manganese ore prices. - Export demand stable
Demand in the export market is now stable and it is expected that in the upcoming weeks, the demand might come in from the Southeast Asian countries. Currently, producers are offering $1300/t for 65-16 grade. An exporter shared with SteelMint that Japanese buyers are negotiating for lower prices, but as exporters are overbooked, they are not willing to sell below $1250/t for June shipments. Meanwhile, Ukrainian exports to Europe have started which is detrimental for increased export inquiries. - Imported manganese ore prices fall w-o-w
South African carbonate ore prices reduced on dull demand from China. However, with the improving prices of steel, the demand from manganese alloys industries is expected to rise, thus the merchant miners were reluctant to sell in the spot market. The Chinese market is awaiting a new round of purchase orders and the market is expected to stabilize by next week. - Steel Prices soaring up
Domestic steel prices are soaring amidst bullish sentiments in the market. The higher steel prices are backed by the demand from Government projects and strong demand from the Infrastructure and Automotive sectors. Thus, sentiments remain positive from the buyer’s side for manganese alloys smelters.
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