Indian Silico Manganese prices were steady for a third consecutive week, as abundant supply and low demand prevents upward price momentum.

Silico Manganese market remains flat with virtually no change in the prices. Currently prices of Silico Manganese are hovering around INR 53000 /MT (Ex-Raipur), INR 55,500 /MT (Ex-Vizag) and INR 54000 /MT (Ex-Durgapur). Prakash Industries is currently offering at INR 51,500 /MT (Ex-Champa, Chhattisgarh). “There aren’t many strong push or pull factors in the market now to move prices,” said a Raipur-based trader. He further added, “Prices will likely remain stable in the near-term.”

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.

Export Market

Silico Manganese Export market was timid with no keen buying interest from overseas players. Silico Manganese 60-14 is currently being offered at USD 850-860 /MT FOB East-coast India and Silico Manganese 65-16 is being offered at USD 960-970/MT FOB East-coast India. In view of the low demand from the export market, some Indian producers have cut their offers to garner greater buying interest.

On the future outlook SteelMint assessed that Silico Manganese prices were generally in line with expectations and reflective of a sluggish market, marred by very weak demand.

Exchange Rate: 1 USD= INR 62