Indian Silico Manganese prices witnessed a marginal correction as persistent low overseas demand has forced producers to bring down their offers to generate better buying interest in the domestic market.
“The supply of Silico Manganese is relatively stable but rising inventory has prompted us to reduce prices,” said a producer source from Raipur referring to the downward correction.
However, another source countered as he claims the power restriction in Durgapur still exists and that the major producers have booked orders with Bokaro Steel Plant, leaving limited quantity in the market.
SteelMint learned that the buyers are unwilling to accept higher prices as domestic steel offers remain under pressure, while trade remained on the lower side amid ongoing Dussehra festive holidays.
SteelMint assessed Silico Manganese prices at INR 71,500/MT (ex-Raipur), 72,000/MT (ex-Vizag) and 73,000/MT (ex-Durgapur).
Demand from overseas remained dull while traders kept their prices at USD 985/MT FOB India for 60-14 grade and USD 1080/MT for 65-16 grade due to high ore prices.
“Concluding deals in the seaborne market is getting difficult due to low demand. However, expensive imported Manganese Ore has restricted us from lowering our offers,” said an exporter expressing his concern.
On the future outlook, market participants expect the Silico Manganese prices to maintain stability while some anticipate the same to move down.
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