Indian Silico Manganese prices remain restricted on moderate demand in a sluggish market.
A weak semi-finished steel market seems to have halted the upward movement of prices. In addition, such a gloomy market scenario can be attributed to the seasonal slowdown.
Explaining the rationale behind stagnant prices, a producer said: “Demand for the commodity is constant but the volume of realization is low due to weakening steel fundamentals.”
“We are quoting higher prices due to the rise in the Manganese Ore index,” said another producer, expressing optimism about the commodity market. Imported Manganese Ore prices are firm and they have lent requisite support to Silico Manganese prices, he added.
SteelMint assessed Silico Manganese prices at INR 64,500/MT (ex-Raipur), INR 65,500/MT (ex-Durgapur) and INR 66,000/MT (ex-Vizag). However, producers are quoting higher prices than these.
Nevertheless, as overseas demand remains weaker than expected, sellers are finding it difficult to conclude deals.
The export offers are assessed to be stable at USD 1,100/MT FOB India for the 65-16 grade and USD 980/MT FOB India for the 60-14 grade.
Moving ahead, the Silico Manganese market is expected to continue at current levels unless demand rebounds.
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