Indian Silico Manganese Prices Marginally Down

Indian Silico Manganese (SiMn) prices face slight lack of market confidence with capped buying interest. However expensive manganese ore and low production of SiMn lend support to prices

Silico manganese prices fall marginally by INR 500/MT in domestic market owing to fall in semi finished prices. Buying has been limited, however with high manganese ore prices and low Silico Manganese production, manufacturers are reluctant to offer any discount. Current prices of Silico Manganese are hovering at 52500-52000 /MT (Ex-Raipur) and 53500-54000 /MT (Ex-Durgapur).

Prakash industries are offering Silico Manganese at INR 50,500 /MT (Ex-Champa, Chhattisgarh). 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.

Prices of Silico Manganese in the export market remain stiff. Silico Manganese 60-14 being offered at USD 880-890 /MT FOB East-Coast India, and Silico Manganese 65-16 is being offered at around USD 1000 /MT FOB East-coast India. Export offers of Silico Manganese are staunch as the Indian Rupee is flagging.

Indian Silico Manganese markets face a downward pressure. SteelMint assessed that fall in Silico Manganese prices to be limited as manganese ore prices are quite high in domestic market and also imports are less due to weak Rupee.