Indian Silico Manganese Producers Raise Offers on High Ore Prices

Indian Silico Manganese producers have raised their offers worried over the soaring Manganese Ore prices despite moderate demand for the commodity.

Domestic demand for Silico Manganese remains unaltered as the sellers are constantly raising their offers but buying remains moderate and constant.

"Prices of Manganese Ore have elevated substantially leaving no option to the producers but to increase their offers," said a producer source referring to the hike in Silico Manganese offers.

SteelMint assessed Silico Manganese offers in a range of INR 71,000-72,000/MT (Ex-Durgapur) and INR 70,000-71,000/MT (Ex-Raipur).

Earlier, overseas buyers were observed to be in a wait-and-watch mode as the market remained uncertain on Silico Manganese prices. A source revealed that the global buyers delayed their purchase in anticipation of a downward movement in prices and left themselves exposed with limited inventory.

However, they now have to resume their buying owing to urgent requirement of the alloy for their steel production.

Hence, the Indian Silico Manganese producers revealed that they have been witnessing a rise in inquiry from overseas, especially, Europe, the Middle -East and some of the other Asian countries are keen to procure Indian Silico Manganese.

Export offers are assessed at USD 1100/MT FOB India for 60-14 grade and USD 1210/MT FOB India for 65-16 grade.

On the future outlook, Silico Manganese offers are expected to stay firm on the backdrop of increasing export demand coupled with elevating Manganese Ore price.