Indian Silico Manganese domestic prices corrected marginally in the third week of March, owing to low demand. Prices in Durgapur and Raipur fell by INR 500/MT on persistent low demand from both the domestic as well as overseas markets.
Producers maintained their prices in Durgapur till last week, although many traders were underselling the product. SteelMint learned that the prices are going down due to sluggish market conditions. Moreover, demand from export market has been missing and this has exerted further selling pressure on Indian Silico Manganese suppliers .
Producers in Raipur are offering at INR 66,500/MT and in Durgapur the price quoted is INR 67,500/MT for 60-14 grade, however, a few deals were also heard to be concluded at INR66,500/MT. Export prices also fell amid very low demand, producers are offering 60-14 grade at USD930/MT and grade 65-16 is being offered at USD 1030/MT.
On the future outlook, there are limited chances for any redemption in prices. Traders quoted that raising Manganese Ore prices may affect the prices in future but the prices tend to be under pressure for now.
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