Indian Silico Manganese producers opted to cut their offers amid high selling pressure.
“High inventory with producers and traders due to moderate demand has forced us to lower our offers to garner greater buying interest,” said a Raipur based producer referring to the further slip in Silico Manganese prices.
It has been observed that during the financial year end, some of the suppliers of the commodity have lowered their prices to generate higher sales as they faced with a cash crunch situation.
“There has been an unwillingness among the buyers to pay above current levels despite a continuous rise in ore prices,” commented another source hinting at the possibility of a further downward correction of prices. The present market scenario is the outcome of the demand and the supply of the commodity, he added.
SteelMint assessed Silico Manganese prices at INR 70,000/MT (Ex-Raipur) and INR 70,500/MT (Ex-Durgapur).
Demand from overseas also remains limited but realization rate was satisfactory, as mentioned by a major exporter from India.
Export offers are assessed at USD 1,200/MT FOB India for 65-16 grade and USD 1,100/MT for 60-14 FOB India grade.
The coming days would likely bring some clarity as market participants are of mixed view so far. SteelMint assessed the Silico Manganese prices to maintain stability while a minor correction cannot be ruled out.
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