Indian silico manganese market remains under pressure with limited buying appetite for silico manganese as buyers are still looking for lower prices.
“The market sees little change as demand remains moderate in the domestic market with lack of buying activity in the week gone by.” commented a trader.
“Albeit an increase in seaborne manganese ore prices, Silico Manganese offers in Durgapur and Vizag regions have increased but whether it finds acceptance is yet to be seen,” added another producer source from Durgapur referring to a moderate demand for the commodity.
Additionally, a down-trending steel market has created cautiousness among the market participants and they are trying to keep their inventories low.
SteelMint assessed Silico Manganese 60-14 prices at INR 61,000-61,500/t (ex-Raipur) and INR 62,000 (ex-Durgapur).
The export market remains relatively inactive with limited buying appetite for Indian silico manganese.
Indian suppliers of silico manganese in the export market have not adjusted their offers upwards despite the recent appreciation of the Indian Rupee due to the low buying interest.
Export offers are assessed unchanged to that of the previous week at USD 840/MT FOB India for 60-14 grade and USD 910/MT FOB India for 65-16 grade.
On the future outlook, market participants are expecting MOIL to bring down manganese ore prices in the coming month, while a marginal fall in silico manganese prices is expected by most.
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