Indian Silico Manganese market witnessed a slight price correction as MOIL reduced their Manganese Ore prices.
Demand for Silico Manganese remains moderate in the domestic market while a 15% reduction in various grades of Manganese ore prices by MOIL has prompted the producers to lower their offers.
MOIL recently reduced their prices on the backdrop of declining global Manganese Ore prices as Chinese buyers resisted to high prices owing to a weak alloy market in their country.
SteelMint assessed Silico Manganese offers at INR 63,000/MT (Ex-Raipur) and INR 63,000-64,000/MT (Ex-Durgapur).
The overseas demand for the commodity is observed to have increased as exporters seemed satisfied with the volume of deals concluded.
The depreciation of INR against USD has also provided a room for the buyers to reduce offers in order to entice greater buying.
Export offers are assessed at USD 950-960/MT FOB India for 60-14 grade and USD 1060/MT FOB India for 65-16 grade.
On the future outlook, market participants are of the view that Silico Manganese prices will maintain stability with limited chances of prices going down further.
Leave a Reply