Indian Silico Manganese producers kept their prices relatively unchanged as market witnesses limited trading activities.
Some sources claim the demand to be dull while most mentioned that supply of the commodity has picked up which is exerting pressure on the sellers to reduce their offers.
“The power issue by DVC in Durgapur has somewhat normalized creating an equilibrium,” said a producer source.
Another source mentioned that Raipur based producers have increased their offers on the back of limited supply from Durgapur, wherein some of the buyers have turned towards Raipur.
SteelMint assessed Silico Manganese prices at INR 70,000-71,000/MT (ex-Raipur) and INR 72,000-73,000/MT (ex-Durgapur). However, some deals are heard to have concluded below the aforementioned levels as some have sold at a lower price due to cash requirement in the month-end.
Indian producers have expressed their disappointment in the overseas market as it has been considerably lower than their expectations.
However, despite soft demand from the seaborne market, the producers have maintained offer levels at USD 980-990/MT FOB India for 60-14 grade and USD 1080 /MT FOB India for 65-16 grade.
On the future outlook, Silico Manganese market is quite uncertain as participants are expecting a downward correction in prices until some foreign factors meddle in.
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