Silico Manganese prices in India drop down to March levels

Indian Silico Manganese market has become weaker, and producers have been forced to cut their offers, as there seems to be no support to hold prices. Silico Manganese 60-14 is currently being offered at Rs. 53,000-53,500 /MT (Ex- Raipur), and Rs. 53,500-54,000 /MT (Ex-Durgapur). A Ferro Alloy producer source agreed that there is a very depressed mood that has come upon the steel market in general. He further added, “Buyers of Silico Manganese are holding purchases, as they have negative expectations of what is to come.”

Steel mills are very pessimistic on the Silico Manganese market, and they believe prices will continue to dip allowing them to buy cheaper. A mill source said, “We don’t have any confidence in the way the steel fundamentals are going, so most mills will keep Silico Manganese inventories as low as possible.”

Indian exporters have held their offers, Silico Manganese 65/16 is being offered in the range of $1070-1080 /MT FOB East-coast India. However, the export market has been very quiet too, with poor demand and little or no enquiries.