Market for Ferro Alloys witnessed further price corrections this week on poor demand. However, market players remain bullish for July and expect prices to improve as MOIL is expected to announce a upward revision in prices in the first week of July.
* Raipur: Silico Manganese 60/15 is quoted at around Rs 55,500/MT, i.e. down by Rs 1000/MT from the previous week. “Prices in July are expected to move up as MOIL is expected to revise manganese ore prices by 3% in the first week of July. Moreover, high power cost has already hiked the production cost. So, selling below the current level would not be sustainable”, said a top official from a major manufacturing company.
In other news, Sarda Group in Raipur has kept its plant closed for maintenance & is expected quote revised prices in first week of July. Its previous quote for SiMn 60/15 was between Rs 56,500-57,000/MT
* Odisha: Silico Manganese 60/14 traded at Rs 55,000/MT, i.e. down by Rs 1000/MT from the previous week. “Prices have corrected as both domestic & export demand is poor. However, we are expecting to see some improvement in July”, remarked a manufacturer in Odisha. Speaking about the International market, he added, “If Dollar stabilizes then prices will remain stable else it will move up.”
* Durgapur: Silico Manganese 60/14 trades at around Rs 56,000/MT. “We participated in recent e-auction conducted by SAIL. We got the tender to supply 2000 MT of Silico Manganese 60/15 at Rs 55,300/MT”, remarked a manufacturer in Durgapur.
* Vizag: Silico Manganese 60/14 in domestic market is quoted at Rs 55,500/MT. Whereas, 65/16 in International market is quoted at around Rs 62,000-63000/MT (Ex Plant Vizag). “MOIL's take on manganese ore prices will decide the trend of Ferro alloys market in July. Power cuts in AP have kept the production low. If Mn ore prices move up, then it will definitely push up Ferro alloys prices in July”, said a manufacturer in Vizag.
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