India’s Mn alloy prices surge on high ore prices Market: Metals...

India’s Mn alloy prices surge on high ore prices

• Market: Metals
• 04/06/24

Manganese alloy prices in India have soared in response to increased prices for imported ore and domestic ore from state-owned mining company Moil for June shipment.
Domestic prices for 65-70pc grade ferro-manganese were assessed at Rs94,000-96,000/t ex-works today, up from Rs90,000-92,000/t on 30 May, while prices for 70-75pc grade alloy rose to Rs98,000-100,000/t ex-works from Rs93,000-95,000/t.
Domestic prices for 60pc grade silicon-manganese were assessed at Rs92,000-94,000/t ex-works today, up from Rs84,000-86,000/t on 30 May.
Moil lifted manganese ore prices substantially for June shipment in its latest tender — by 35pc on the month for ore with 44pc and above manganese content and by 30pc for ore with manganese content below 44pc, as well as 25pc and 30pc silico-grade ore and fines. These hikes have pushed manganese alloy prices in India to their highest since June 2022.
Indian alloy producers have responded to the rising ore prices and limited raw material availability by raising offers, despite bearish spot demand. Buyers have become cautious, with some adopting a wait-and-watch approach.