Silico Manganese prices remained unaltered for the last week after falling for consecutive three weeks in November. Currently, the Silico Manganese are offered at around INR 69,000 INR (Ex-Durgapur and Ex-Raipur). Indian domestic prices are likely to trend downward on a lacklustre Semis market in India leading to low demand for Silico Manganese. Sellers were willing to negotiate prices down to conclude deals, but buyers would rather keep their wait-and-see approach in a falling market.
Further compounding to the Silico Manganese producers’ worries is that the Manganese Ore prices have been moving up these past two months, because of closure of some mines in Australia and some disruptions in South Africa.
The continuous fall of prices may make the stagnancy feel a sight of relief but the traders and the Silico Manganese manufacturers are in distress. Overseas as well as domestic demand for Silico Manganese is also very low and the prices are also not favourable anymore as buyers are negotiating for lower prices, and some sellers who are in dire need of cash are selling at lower level, which makes the scenario much difficult for the producers of the Alloy.
Meanwhile, Silico Manganese 60-14 is currently being offered at USD 930-940/MT FOB India, and Silico Manganese 65-16 is being offered at USD 1030-1040 /MT FOB India. In the export market, Indian Silico Manganese producers have decided to hold their offers despite buyers looking for material at lower prices on account of the appreciating Rupee and unwillingness by sellers to lower prices to attract buyers. However, most Indian producers of Silico Manganese reported of poor overseas demand and seemed gloomy over the current market situation.
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