Silico Manganese prices drop slightly as sellers report challenging market conditions. Prices are not expected to improve as strong Rupee will cut down export margins.

With the Indian Rupee finding strength against USD, domestic Silico Manganese prices are unexpected to go up from here. Current offers in Indian market are prevailing in the range of INR 52,500-54,500/MT for 60-14 grade on ex-works basis.

Indian Silico Manganese market was mostly unchanged as sellers lower offers marginally due to slack buying interest. . Currently prices of Silico Manganese are INR 52,500-53,000 /MT (Ex-Raipur) and INR 53,000-53,500 /MT (Ex-Durgapur). Prakash Industries Ltd, one of the big Ferro manufacturer based in Chattisgarh is currently offering Silico Manganese at INR 51,000 /MT (Ex-Champa).

A producer source from Raipur said “This week there was fewer deals for Silico Manganese with limited buying in the market. Buying appetite has subsided.”

Export Market

Silico Manganese Export market was remains thin with no keen buying interest from overseas players. Silico Manganese 60-14 is currently being offered at USD 850-860 /MT FOB East-coast India and Silico Manganese 65-16 is being offered at USD 960-970/MT FOB East-coast India.

An Indian trader source reported “Export trading has not been very active due to the gap between the price expectations of buyer and seller”.

Market sources reported SteelMint that buyers for Silico Manganese are in a wait-and-watch situation with the Rupee strengthening. The price of Silico Manganese in India is unlikely to rise in the coming weeks. Most Indian producers of Silico Manganese reported of poor overseas demand and seemed gloomy over the current market situation.

Exchange Rate: USD 1= INR 61.13