Indian Silico Manganese Demand Still Sparse

Prices of silico manganese slipped as sellers lowered offers to attract buyers amid continued market bearishness.

Silico manganese prices have come down marginally as demand dwindled in domestic market. Grade 60-14 is currently being offered at around INR 46,750/MT (ex-Raipur) and INR 47,500/MT (ex-Durgapur). According to sources, Prakash Industries is offering silico manganese at INR 45,250/MT (ex-Champa, Chhattisgarh). Market participants said demand for the material was declining because steel fundamentals were on a downtrend.

A Raipur based producer remarked, “The market is chaotic with prices being lowered down. Domestic prices slipped instead of rebounding which was expected after the increase in power tariff.”

Export Market

Silico manganese prices in export market remained flat; sources reported no pick-up in inquires or offers. Silico manganese 60-14 is being offered at around USD 725-730/MT FoB East Coast of India and 65-15 grade is being offered at USD 810/MT FoB East Coast of India.

“We have been looking to trade, but the gap between our offers and price ideas of buyers is just too wide,” stated a producer source from Kolkata.

Market sources agreed there was less momentum in the market with fewer inquiries received as there are more sellers than buyers in the market, owing to which prices have gone down.

Exchange Rate : USD 1 = INR 63.5