ndian Silico Manganese prices went down by up to INR 625/MT W-o-W in the domestic market. It is mostly a buyers market as the buyers are negotiating for further lower prices. The demand remains low and there is limited buying interest in the market amid the sluggish steel market conditions. The steel market is still going downwards and the prices of Silico Manganese remain severely suppressed. Many manufacturing units are going for production cuts to handle the supply surplus scenario. SteelMint learned that the prices are down as the buyers were aware of MOIL reducing prices of Manganese Ore. However, the reduction in the MOIL prices was only 5%, which was comparatively much lesser than the expected reductions. Producers believe that with such a small reduction in Manganese Ore prices, it is extremely difficult to survive with such subdued demand and falling alloy prices.
In Durgapur, Silico Manganese 60-14 is being offered in the range of INR 59,000-59,500/MT Ex-Durgapur. In Raipur, the prices are in between INR 58,000-58,500/MT Ex- Raipur. In Raipur, the producers have set the prices at INR58,500/MT but the bargaining prices go as low as INR 58,000/MT. In the Export market, the demand is poor amid low buying interest and the global market remains very competitive; producers are offering 60-14 grade at USD 830/MT and 65-16 is being offered at USD 930/MT.
On the future outlook, the market may seem to go down further marginally for the short term. In the near future, the Silico Manganese market remains unstable and there is a lack of confidence in the market.
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