Indian Manganese Alloys Receives Firm Demand from Overseas Buyers

Improved demand for Indian manganese alloys from overseas markets has pushed its prices upwards.

Indian Manganese alloys market has witnessed strong demand from various regions like the Middle-East, the Far-East Asian countries and Northern Africa.

Firm demand from overseas for Indian Silico Manganese grade 65-16 have helped lift its export offers to USD 1130/MT, while grade 60-14 is being offered at USD 1000/MT.

Moreover, Ferro Manganese also recorded improvement in its overseas demand. SteelMint assessed Ferro Manganese at USD 1120/MT for 70% grade and USD 1175/MT for 75% grade.

“Demand from overseas is good enough to shift our focus from the domestic market,” remarked a producer source referring to the increasing number of inquiries from overseas. He further mentioned that the demand in domestic market is soft and presently they are highly dependent on export orders.

Silico Manganese witnessed price fluctuation where offers in Durgapur went down while in Raipur it has gone up. Offers of 60-14 grade have been assessed at INR 64,000/MT (Ex-Durgapur) and INR 64,500/MT (Ex-Raipur). With increased inquiry for 65-15 grade, most of the producers in Raipur have turned towards producing 65 grade, while production of 60-14 grade has gone down, thereby, increasing its price in the market.

On account of moderate domestic demand, offers for Ferro Manganese remained stable at INR 71,500/MT (Ex-Durgapur) and INR 72,500/MT (Ex-Raipur).

SteelMint assessed that in the coming 1-2 weeks Indian Manganese Alloy market may run steadily and the demand in the spot market may stay at current level.