India: Silico manganese prices remain stable as suppliers keep offers firm

Indian silico manganese prices are recorded as stable, although a few producers have raised prices citing sufficient orders till May’22.

However, domestic demand is low as the financial year draws to a close and buyers remain reluctant to pay higher.

According to SteelMint assessment, Raipur-based producers kept offers at around INR 116,400/t exw while prices in Durgapur were at INR 114,375/t exw.

In the export market, suppliers are offering at around $1,550/t for 60-14 grade, down $45/t, while prices for the 65-16 grade have been assessed as having fallen by $65/t to $1,730/t FOB in order to maintain parity with domestic prices.

Prices stable 

Prices stay stable as demand trended lower during the Holi festival, with market participants on a wait-and-watch mode on the look out for better deals.

Stock liquidation

Traders are willing to reduce offers and conclude deals to lower their inventory. Raw material prices are supporting the overall market sentiment. Manganese ore prices have increased and there is little room for a reduction in the price of silico manganese in the short term.

China market

China’s silico manganese (60-14) prices are up at RMB 7,750/t ($1,203/t) exw Inner Mongolia, while 65-17 grade material is being offered at RMB 8,445/t exw Inner Mongolia.

Market participants believe domestic demand will improve soon after traders finish liquidating stocks at cheaper rates.