India: Silico Manganese Prices under Pressure amid Moderate Demand and Falling Ore Prices
Indian Silico Manganese prices are under pressure in line with moderate demand in the domestic as well as overseas markets.
Prices have corrected marginally with the help of reduction in Manganese Ore prices by MOIL and the plunging global Manganese Ore offers. MOIL decreased prices of various grades of Manganese Ore by 7.5 percent on Sunday for the month of June.
Demand in the domestic market remains moderate. Meanwhile, inquiries are developing in the global market. Producers reported that Silico Manganese is available from Zambia and Malaysia at much lower prices than being offered by the Indian suppliers, Indian producers are reportedly struggling in the export market. A few market participants believe that the only a few producers are producing 60-14 Grade in Durgapur, while many have switched to lower grades to keep up with falling prices.
Silico Manganese offers for 60-14 grade in Raipur are at INR 65,500/MT Ex-Raipur and in Durgapur deals are being concluded at around INR 67,000-67,200/MT Ex-Durgapur. Since, last week, INR fluctuated a lot with respect to USD, which provided the producers with the scope of reducing prices. Prices are stable W-o-W basis in the export market owing to lackluster demand. Producers are offering Silico Manganese 60-14 grade in the range of USD 930-940/MT and grade 65-16 is being offered at USD 1040-1050/MT in the export market.
On the future outlook, market sources are of the view that Silico Manganese prices are expected to maintain such levels in line with the falling Manganese Ore prices, and the producers are afraid that the buyers may demand the material at much lower prices owing to a bearish steel market.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Resolute Mining says it will pay Mali $160 million in tax dispute
BHP to spend up to $14 billion on Chilean copper expansion
Newmont sells Ontario gold mine to Orla for $850 million
South Africa police standoff with illegal gold miners escalates
Trump chooses oil fracking boss as energy secretary
BHP warns Australian mining not ready for low-cost competitors
Filo expands copper-gold Aurora zone in Argentina amid sale
Mining’s old guard needs strong medicine
Adani’s Australian coal unit faces human rights complaint
Hedge funds slash bullish wagers on gold before war jitters
Gold price set for biggest weekly jump in 20 months on haven demand
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Filo expands copper-gold Aurora zone in Argentina amid sale
Mining’s old guard needs strong medicine
Adani’s Australian coal unit faces human rights complaint
Gold price set for biggest weekly jump in 20 months on haven demand
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence