Indian Silico Manganese prices remains unchanged in the domestic Market. However, offer prices have corrected in the export market in the hope of garnering greater buying interest from overseas markets.
Demand remains absent from South East Asia and Far East Countries due to the Chinese New Year festivities, as the these countries have a significant Chinese population. Inventories were stocked up prior to the festival in these countries for use over the period. Therefore, the demand may arise after the holidays are over with and the stocks are used up.
Prices in the first week of Feb’19 in the domestic market are at around INR 67000/MT and INR 66500/MT for Ex-Durgapur and Ex-Raipur respectively. Amid limited demand in the export market, producers cut down prices to generate greater buying interest. Offer prices for 60-14 grade were USD 930/MT FOB India, for 65-15 grade are down to around USD 1020/MT FOB India and for grade 65-16 at USD 1030/MT.
In the domestic market Silico Manganese prices remains under pressure due to lack of support from falling Manganese Ore prices. However, most market sources believe that prices could correct slightly before stabilizing. Many producers have cut down their production level owing to lower prices, which however, maintained the prices in the domestic market for the short-term.
On the future outlook, there is possibility for the prices to lower down as the falling ore prices may reduce the production cost to a great extent, which may enable producers to lower down prices further to entice buyers.
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