Silico Manganese market witness mixed sentiment with its offers remaining relatively unchanged.
The Indian Silico Manganese market has continued to see a low level of demand with prices coming under pressure accordingly.
A source revealed to SteelMint that some of the producers in Jharkhand have been offering at lower levels, pulling the market down. Moreover, domestic demand for the commodity is moderate and inquiries are being received on regular basis, he added.
SteelMint assessed Silico Manganese offers at INR 70,000/MT (Ex-Durgapur), while in Raipur offers for the commodity edged down to INR 69,500/MT.
SteelMint learned that Indian suppliers have concluded deals in large quantity in North African and the Middle-Eastern countries. However, buyers from South-East Asia and Far East Asia are observed to be cautious in a speculative market, expecting a fall in Silico Manganese offers.
“Buyers from South-East Asia and Far-East Asian countries are trying to negotiate on the lower side as they await few upcoming tenders in the next month,” a producer source added.
Export offers are assessed at USD 1200/MT FOB India for 65-16 grade and USD 1100/MT FOB India for 60-14 grade.
On the future outlook, Silico Manganese offers are expected to remain stable as Indian producers are reluctant to lower their offers further due to high Manganese ore prices.
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