Indian Silico Manganese prices are back to the pre lockdown levels. This week, the Silico Manganese market opened at INR 60,000/MT in Raipur. Whereas, many producers in the Durgapur region are reported to have concluded deals in the range of INR 60,000-61,000/MT. The market in Raipur is comparatively more aggressive as compared to the Durgapur market. The current situation is undoubtedly favouring the buyers as the liquidity crunch is severe and plants that are in dire need of cash are forced to reduce prices.
Meanwhile, in the export market, the demand remains moderate, however, the prices have been falling since the past two weeks. With the upswing in the Manganese ore prices in the last month, the prices of Silico Manganese boosted, but now the situation is reversing and the ore prices are falling back to the normal levels, which is also making the condition tough for alloy producers. The supply situation of Manganese has eased and the prices are falling sharply every week. This, however, may encourage the Silico Manganese producers to lower the offer levels to generate greater buying interest.
Outlook
In the coming days, the alloy manufacturers believe that the prices may correct marginally as there is a neck to neck race for concluding deals in the present down-trending steel market.
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