Indian Silico Manganese prices maintained stability amid moderate demand in the domestic market.
“Anticipating a rise in MOIL’s price revision, some producers have started quoting higher. However, deals have not been concluded at such price,” said a source referring to the current trend of the commodity.
A producer source mentioned about the power cut issue prevailing in the market, hence, leading to production restriction. However, the present demand is lower than expected, he added.
SteelMint assessed Silico Manganese price at INR 71,000-71,500/MT (ex-Raipur) and INR 72,000-73,000/MT (ex-Durgapur).
Another producer source further mentioned that the effect of MOIL’s price rise expectation has already taken place and any further rise in price is unlikely.
Demand from overseas is observed to be quite dull as foreign buyers are getting better deals from Ukraine and Malaysia.
“The overseas buyers are getting higher grade commodity at a similar price from Ukraine and Malaysia,” said a source expressing his concern.
The export offers are assessed to be unchanged at USD 960/MT FOB India for 60-14 grade and USD 1080/MT FOB India for 65-16 grade.
Moving ahead, market participants expect Silico Manganese prices to maintain stability with fair chances to edge up.
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