Indian Silico Manganese Production Down

Most silico manganese producers have opted to cut production levels in sight of poor demand from steel mills.

Silico manganese prices inched down as continued reluctance to purchase by end-users and softer trades weighed on the market. Currently silico manganese prices for grade 60/14 are around INR 46,000/MT (Ex-Raipur) and INR 47,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering at INR 44,500/MT (Ex-Champa, Chhattisgarh).

A producer from Raipur remarked, “Demand is very weak but production levels are also coming down; this will constrain downward movement in price.”

Another producer source revealed that the number of inquiries from steel mills was fast declining – as trade activities vastly reduce during the monsoon season.

MOIL Cuts Manganese Ore Price

Manganese Ore India (MOIL) has cut prices of various grades by around 3-12% for the quarter July-Sept’15. The prices of all silico grade prices have been reduced by 12.5%.

Silico Manganese Export Prices Keeps Steady

Indian-origin silico manganese prices in the export market were unchanged amid limited activity. Silico manganese 60/14 is being offered at USD 725-730/MT FoB East Coast India and 65/16 is being offered at USD 820/MT FoB East Coast India.
Market sources said a lack of deals and immediate spot demand stymied any price movement.

SteelMint assessed market sentiment in India remained unoptimistic, with most seeing further reduction in prices as demand for steel is very low.

Source: SteelMint Research
Exchange Rate: USD 1 = INR 63.4