A source from a major steel producer in Brazil told SteelOrbis that his last acquisition of high carbon manganese ferroalloys was closed at $921.50/mt CFR, no taxes, which is 21 percent higher than prices three weeks ago.
According to the source, a price increase was expected after a long period of stability, but not to that extent.
“Despite denominated in $, the manganese price is ultimately paid in BRL, so the increase in the local currency will be even higher, as the BRL was devalued during the period,” the source said.
The high domestic price maintains Brazil as an importer of manganese ferroalloys, despite being one of the world’s top producers of the product.
In February, Brazil imported 2,800 mt of the product, at an average FOB price of $1,305/mt, pointing to the medium carbon grade imported FOB at $1,572/mt and the high carbon grade product imported at $847/mt FOB.