Indian manganese alloy supplier returns to the market after the Lantern Festival

Last week, due to Diwali celebrations, there were no commercial activities in the Indian manganese alloy market. The price has not changed significantly, but the demand is still unsatisfactory.

The export quotation of silicon manganese (65% Mn; 16% Si) is stable at 820-850 USD/ton FOB. The alloy (60% Mn; 14% Si) is quoted at $770 per ton FOB (previously $740-750 per ton FOB), but many suppliers still find it difficult to announce prices as they have just returned from vacation. The quotation for high carbon ferromanganese (75% Mn) is $820-845 per ton FOB (a decrease of $5 per ton from the upper limit of the quotation range a week ago).

Exporters have stated that many overseas buyers have made inquiries but are not in a hurry to reach a deal, adopting a wait-and-see attitude and preferring to see if Indian suppliers will lower prices next week. Conversely, Indian manufacturers continue to state that they do not intend to lower prices due to their low profitability. Many factories, including the largest, have reduced or plan to reduce capacity utilization in the near future. However, due to insufficient demand and excess inventory from some suppliers, the possibility of price increases is questionable. According to a message received from Hainan West Asia, "The largest manufacturer has reduced production due to reduced sales and continues to lower prices. Currently, prices are already below cost. Therefore, the space for price reduction is limited. I believe that the opportunity for price increase will occur from December to February, when buyers will purchase alloys in the first quarter

In the domestic market of India, the lack of purchasing activities during holidays has put pressure on prices. Therefore, the quotation for silicon manganese (60% Mn; 14% Si) has decreased by an average of 500 rupees to 62-6300 rupees per ton (744-756 US dollars per ton) EXW. The quotation for manganese iron (70% Mn) is stable at 63000 rupees per ton (756 US dollars per ton) EXW.

For more market dynamics and price information, please contact Hainan West Asia Group.