Indian Silico Manganese prices look to have bottomed out

Silico Manganese prices in India declined further by Rs. 500-1000 /MT in the last one week, as producers of Silico Manganese look to garner some demand before the monsoon sets in. Silico Manganese 60-14 is currently being offered at Rs. 51,000 /MT (Ex-Raipur) and Rs. 51,500 (Ex-Durgapur). A Silico Manganese producer remarked, “Our production levels are very low, and there is no scope for further price correction.” Queried about inventory levels most market participants are reportedly working at low production capacities. A distributor reported to SteelMint that TATA’s branded Silico Manganese 60-15 Silicomag is being offered at Rs. 52,500 /MT.

With Steel market fundamentals not showing signs of improvement, buying interest for Silico Manganese has been limited. A Silico Manganese trader revealed that sellers across the country are cutting selling price to sell their material, because there is no way they can entice customers to buy.