Indian Silico Manganese market has found some support on the back of improvement in the steel prices after a period of constant downtrend.
“The market sees no major change as demand in the domestic market is by itself not strong enough to propel prices upwards,” said a trader discussing the trend of the commodity.
SteelMint further learned that imported Manganese Ore prices have edged down but its effects have not been observed yet.
SteelMint assessed Silico Manganese prices at INR 69,000/MT (Ex-Durgapur and Ex-Raipur). However, a few producers are quoting above the aforementioned levels.
A source revealed that low inquiries of Silico Manganese from the overseas markets are weighing down on prices in the domestic market as well.
Despite lowering the prices to entice buying, the export market remains relatively inactive with limited buying appetite for Indian Silico Manganese.
Export offers are assessed to be unchanged at USD 950/MT FOB India for 60-14 grade and USD 1040/MT FOB India for 65-16 grade.
On the future outlook, selling pressure could be on the anvil for Silico Manganese producers due to lower realization, especially in the seaborne market.
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