India: Sinking Manganese Ore Prices Asserts Downward Pressure on Silico Manganese
Indian Silico Manganese producers have been under continuous selling pressure for quite some time now, and the sinking Manganese Ore prices are now an added pressure on the Silico Manganese prices. The falling ore prices are having a cascading effect on the market as the imported material will not arrive before December, yet the pressure is building up on Silico Manganese Prices
However, producers feel that the prices may not fall much as the production cuts are severe and the supply-demand dynamics are in control now. The demand is still tepid, but the supply cuts and few shutdowns have controlled the oversupply situation.
In Durgapur, the prices remain stable at INR 58,000/MT in line with production cuts. Meanwhile, in Raipur, the prices are in the range of INR 56,500-57,000/MT. Trading remains limited, as the holiday mode is still continuing and the activity in the market will be active post this week. In the domestic market, producers are waiting for MOIL to revise their prices for November; they anticipate MOIL may reduce the prices in line with falling imported ore prices. In the export market, prices remain unchanged, producers are offering 60-14 grade at around USD 800/MT and 65-16 is being offered at USD 890-900/MT FOB India. SteelMint learned from market sources that a huge quantity of Silico Manganese (65-16) deal for 3000 MT was booked at USD 900/MT FOB India.
On the future outlook, any future price trend may be estimated after this week, when the market reopens full functionally. Manganese Alloy manufacturers are in a wait and watch mode and are waiting for the revision in the MOIL prices, but believe that Silico Manganese prices will stabilize.
source: SteelMint
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