Indian Manganese alloys market has been witnessing a continuous increase in the prices and ready acceptance since mid-Nov. However, this came to a standstill since last Friday, as buyers resisted the continuous price increase. This triggered the softening of alloy prices in the domestic market.
Current assessments in Durgapur are at INR 68,000-68,500/t Ex-plant, while prices in Raipur are at INR 68,000/t Ex-works. However, SteelMint learns from its sources that few deals were also concluded at around INR 67,500/t Ex-works in Raipur.
Meanwhile, exports market remained in limbo due to the holidays and the demand is expected to return after 04-Jan ’21 when the market reopens in the Western countries. The offers in the export market are at $1,020/t FOB for 65-16 grade. Meanwhile, deals were concluded at $920-930/t for 60-14 grade and for 65-16 grade the deals are at $ 1,010/t FOB India.
Outlook:
MOIL will be releasing their prices for manganese ore this week and we expect that the prices will be increased by 10-15% as compared to last month. However, most market participants believe that this might not result in a similar hike in silicomanganese prices as the prices are already on the higher side. The prices of silicomanganese are expected to remain stable w-o-w.
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