Indian silico manganese prices have fallen for three consecutive weeks. Currently, the prices are at INR 59,000/t Ex-Durgapur and INR 60000/t Ex-Raipur, w-o-w down by INR 500/t in both Durgapur and Raipur.
Meanwhile, demand in the export market is dull, with limited transactions taking place. Export prices have also been falling continuously, and offers are at around $780-790/t for 60-14 and $840/t for 65-16, but some are ready to sell below these levels.
Silico manganese prices have been continuously falling since the beginning of the month with the decrease in seaborne manganese ore prices to the cost line.
Producers in the country are waiting for MOIL to revise manganese ore prices as they are now left with lower inventories and the current pricing is still towards higher side. However, according to the concall held with the MOIL officials and general market sentiments, there are chances of future correction, however, the percentage of correction is still ambiguous.
Outlook:
Market participants believe that the prices are close to the bottom in the domestic market. However, manganese ore prices are continuously falling putting more pressure on silico manganese. Producers are also waiting for MOIL to revise their prices, and the percentage reduction for the next month would be crucial as that would decide, whether the ore procurement trend will shift from domestic to imports.
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