The Silico Manganese prices have had to adjust lower, as prices fell by INR 500-1,000 from last week. The increase in the prices started as the seaborne Manganese ore prices increased and reached its climax after MOIL released its prices, which are 45% higher than the previous month. Subsequently, prices in the domestic market skyrocketed to INR 70,000/MT levels. However, such a hike in prices did not find acceptance in the domestic market and the producers have had to lower prices to conclude deals.
Market participants from various parts of the country reported that the demand for Silico Manganese remains poor amid the soft Steel market. A few producers also stated that even though the market has opened, yet the demand for Silico Manganese is uptight, as buyers and sellers are both unsure about the future market scenario. The inclination towards the export market in higher in the present scenario.
Prices in the domestic market fell marginally W-o-W. Current assessment for the grade 60-14 Silico Manganese is at INR 67,500 – 68,000/MT Ex-Durgapur and INR 68,000/MT Ex-Raipur. Inquiries are present in the export market and the current offers stand at USD 900 /MT for 60-14 and USD 1,000 /MT for 65-16 FOB India. The buyers are offering counterbids at lower levels which is not acceptable to the sellers. Meanwhile, the exporters are seeing an increased number of inquiries as many countries are heading towards normalcy again.
Near Term Outlook
The market is engulfed by a wait and watch mode. Manganese alloys producers feel that the prices of Manganese Ore may fall soon when logistic bottlenecks ease out and therefore the Silico Manganese prices may also stabilize.
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