The price change of Indian manganese alloy after India cancels its steel export tariff

Indian suppliers are trying to raise the price of manganese alloy after India cancels steel export tariff

Although there is still a lack of purchasing activities, Indian manganese alloy suppliers have decided to try to consolidate their position after the news of the cancellation of export tariffs on Indian steel products. However, market participants doubt whether this is sufficient reason for the strengthening of ferroalloy prices.

India's silicon manganese (65% Mn; 16% Si) was quoted at USD 1000-1030 FOB, compared with USD 980-1020 FOB a week ago, and the alloy (60% Mn; 14% Si) rose to USD 900-940 FOB (previously USD 900-920 FOB). However, some suppliers have quoted US $1040 FOB and US $960 FOB respectively. The quotation of high carbon ferromanganese (75% Mn) is still 980-1020 USD FOB.

Indian suppliers also raised prices in the local market. The price of silicon manganese (60% Mn; 14% Si) rose by 1500 rupees to 74000-75000 rupees (905-918 dollars) EXW on average, and that of high carbon ferromanganese (70% Mn) rose by 500 rupees to 75000-77000 rupees (918-942 dollars) EXW.

The main reason for the price increase is that the Indian government has abolished the 15% tariff on the export of Indian finished steel products since November 18, and the expected increase in the price and demand of Indian products. However, market participants believe that this factor is highly speculative, and the price rise is short-term, because the demand for alloy for foreign and domestic sales is still low. An Indian trader told Hainan West Asia Ferroalloy: "Because the overall demand for steel in the global market is still very low, and the price is even lower than that in India's domestic market, it seems that the abolition of tariffs in the steel industry will not have any immediate impact. I think the alloy price will soon fall back to the level last week.".

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