Spot Silico Manganese prices remained stable this week as an air of reluctance suppressed buying appetite

Silico Manganese prices remain stiff in the domestic market. Currently prices of Silico Manganese are balanced at 52000-52500 /MT (Ex-Raipur) and 53500-54000 /MT (Ex-Durgapur). Producers in Durgapur are burdened by power shortages and higher power tariff; hence producers in the state have opted to cut down production, resulting in firm price in spite of low demand.

Prakash industries are offering Silico Manganese at INR 51,000/MT (Ex-Champa, Chhattisgarh), having increased the price by INR 500/ MT from last offer. TATA’s branded Silico Manganese 60-15 Silicomag is currently not being offered in the market but Silico Manganese 50-12 is being offered at INR 43,000 /MT FOR West Bengal.

Indian suppliers of Silico Manganese, aided by the weakened Rupee have reduced their export offers to solicit trade. Silico Manganese 60-14 is being offered at USD 880 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 990 /MT FOB East-coast India. Deals were heard to be concluded from India for the Far East countries such as Japan and South Korea.

On the future trend there is a lingering uncertainty in the market, as there remains a gap between the price at which the sellers and buyers want to trade.

Exchange Rate: $ 1 = INR 63.2