Indian Silico Manganese prices edge down marginally owing to buyers’ resistance after news of power disruptions coming to an end.
“Demand for Silico Manganese remains healthy with sellers holding a very low level of inventory,” commented a source.
Adding to the same, another market participant mentioned that the selling pressure is non-existent and producers are bullish on the commodity’s performance.
However, a steep rise in Silico Manganese prices led the buyers to negotiate to pull down the prices.
Moreover, the production levels have also normalized but the demand has surpassed the supply creating an upward market trend.
SteelMint assessed Silico Manganese price at INR 71,000-72,000/MT (Ex-Durgapur), INR 70,000/MT (Ex-Raipur) and INR 71,000/MT (Ex-Vizag).
In line with the domestic demand, inquiries from overseas are also observed to be healthy especially from Asian countries.
The export offers are assessed to be unchanged W-o-W at USD 960/MT FOB India for 60-14 grade and USD 1,080/MT FOB India for 65-16 grade.
On the future outlook, market participants are bullish expecting Silico Manganese prices to surge in the near-term.
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