INDIA: Silico Manganese prices remain firm

Silico Manganese prices in India remain firm. However,
offers in Central India are a bit low as manufacturers are keen to clear
stocks.

According to a top official from a major manufacturing
company in Raipur, “Silico Manganese & Ferro Manganese prices are unchanged
from the last week. There is some export order floating in the market, which is
providing some support.”

“Manufacturers in Southern & Eastern part of India are
not having much stocks but people in Central India are having stocks. So,
offers in Central India are a bit low from the offers in rest of India”, said
another manufacturer from Vizag.

Offers in Export market were low and Dollar depreciation did
not have much impact. According to an exporter, “Buyers are smarter now. They are
observing the movement of Dollar more closely. So, depreciating Dollar has not impacted much. A recent deal for SiMn 65/15 was closed at $1030-1040/MT
FOB India. Some exporters are also believed to have sold below this level but
it is not confirmed”.

“At these prices, it is difficult for us to push big buyers. SiMn
60/14 was heard being quoted at $920-930/MT FOB India.  But Europeans were expecting to get offers at $950/MT CFR, which I doubt if any Indian supplier would be able to supply at such
rates”, he added further.

“Market has not only bottomed out but most of us are not even able to
meet our variable cost. Prices should improve in the coming weeks & Europeans should
be back before Christmas for their procurement”, said another exporter from
Vizag.