Silico Manganese offers remain under pressure as market witness limited trading activities.
“The market remains in a dormant state with limited buying appetite for Silico Manganese as buyers are still looking for clearer direction,” said a producer source reflecting his concern on deteriorating demand for the commodity.
The producers remained reluctant to cut their offers further as per the buyer’s expectation over rising Manganese Ore offers, as the same elevated their manufacturing cost.
Another source mentioned that domestic demand is slowly improving while accepting that sluggish demand prevails and anticipated a stability in Silico Manganese price.
Silico Manganese offers are assessed in a range of INR 67,000-67,500/MT (Ex-Raipur) and INR 68,000/MT (Ex-Durgapur).
Overseas demand for the commodity continues to be low, where sellers are finding it tough to conclude deals.
“Though Europe is back in the market, it has not been able to affect the export offers as such,” said a source expressing his concerns on the downward correction of commodity’s prices.
Producers have had to lower their export offers due to low demand. Current offers are at around USD 1,065/MT FOB India for 60-14 grade and USD 1,165/MT FOB India for 65-15 grade.
On the future outlook, market participants expect Silico Manganese offers to remain stable owing to rising imported Manganese ore prices. Moreover, some anticipate that low production in China due to lunar year festival could turn out to be beneficial for Indian producers.
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