Indian Silico Manganese offers drifts lower as sellers reduce their prices to entice buying coupled with lower Manganese Ore prices enabling a downward correction.
A drop in global Manganese Ore prices has eased the pressure on sellers as they are lowering their offers to concluded more deals.
SteelMint learned that traders who had purchased the commodity earlier are offering at lower levels forcing the producers to reduce their offers too.
However, a source said that market participants are satisfied with the deals that are being concluded.
SteelMint assessed Silico Manganese offers at INR 68,000- 69,000/MT (Ex-Durgapur) and INR 69,000-70,000/MT (Ex-Raipur).
A producer source also pointed out towards the weak overseas market for Silico Manganese prices in India drifting down.
The demand for the commodity has been constantly low from Europe while some inquiries have been heard from Middle-Eastern countries.
The export offers have also corrected downwards at USD 1060/MT FOB India for 60-14 grade and USD 1160/MT FOB India for 65-15 grade.
On the future outlook, the market participants expect Silico Manganese offers to remain stable unless demand for the same improves.
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