Indian Silico Manganese offers remain relatively stable as market lacks activity with fiscal year-end on the horizon.
“The market sees little change as demand remains moderate in the domestic market.” commented a trader.
“Albeit increase in Manganese Ore, an uptick in Silico Manganese prices is yet to be seen,” added another source from Durgapur referring to moderate demand for the commodity. A bearish sentiment has recently associated itself with the commodity, he added further.
Additionally, the year-ending period has created cautiousness among the market participants and they are trying to keep their inventory low.
SteelMint assessed Silico Manganese offers at INR 71,000/MT (Ex-Durgapur) and INR 70,500/MT (Ex-Raipur).
Demand from overseas did not witness much of an activity either. Some inquiries were reported from the Middle-Eastern countries while European demand remains flat.
Export offers are assessed unchanged to that of the previous week at USD 1100/MT FOB India for 60-14 grade and USD 1200/MT FOB India for 65-16 grade.
On the future outlook, market participants are hoping for a positive change in the coming month while stability in prices is expected by most.
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