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 in buying activity.” commented a trader.
“Albeit decrease in seaborne Manganese Ore prices, a correction 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, in the year-ending period and a sinking steel market has created cautiousness among the market participants and they are trying to keep their inventory low.
SteelMint assessed Silico Manganese offers at INR 69,000/MT (Ex-Durgapur and Ex-Raipur).
Demand from overseas did not witness much of an activity either as Christmas and New Year holidays take a toll on overseas demand. Some inquiries were reported from the Middle-Eastern countries while European demand remains non-existent.
Export offers are assessed unchanged to that of the previous week at USD 950/MT FOB India for 60-14 grade and USD 1040/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 fall in Silico Manganese prices is expected by most.
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