India: Silico Manganese Market settled at INR 57,000-57,500/MT

Silico manganese prices are unchanged as buyers & sellers have reported of a lackluster market with low activity owing to the upcoming Diwali festival.

Silico manganese prices remain unchanged in the domestic market with market participants reporting lack of trade. In Raipur, 60-14 grade is being offered at around INR 57,000/MT. According to sources, Prakash Industries is offering at INR 55,500/MT (ex-Champa, Chhattisgarh). In Durgapur, 60-14 grade is currently being traded at around INR 57,500/MT. Most traders reported of a lackluster market, with hardly any buying interest in the past 10-15 days. Most end-users of Silico manganese have sufficient inventory or are holding back purchases till post Diwali.

Export Market

Overseas demand for Silico manganese is also low. 60-14 grade is currently being offered at USD 920/MT FoB East Coast India and 65-16 is at USD 1,010/MT FoB East Coast India. SteelMint assessed that Silico manganese manufacturers are weighed down by deteriorating external demand and destocking pressures.

Silico manganese prices in India are unlikely to rise in this month, as steel fundamentals have yet to show any signs of recovery.

 Exchange Rate: 61.3