India: Silico Manganese Offers Remain Unchanged in Slow Market

Silico Manganese offers remain unchanged amid limited market activity.

"The market sees no change as demand remains moderate in the domestic market," said a trader discussing the trend of the commodity.

A recent surge in Manganese ore offers amid bearish ferroalloy market has lent support to the Silico Manganese offers.

A source revealed that low inquiries of Silico Manganese from overseas have frozen the domestic offers as well.

Steelmint assessed Silico Manganese prices at INR 71,500/MT (Ex-Durgapur) and INR 71,000/MT (Ex-Raipur).

Demand from overseas remain weak and a slowdown in the Chinese market before their Lunar New Year holidays has hurt the export offers.

Inquiries from Europe is yet to be resumed as they are just about returning to the market post-holidays. Hence, producers were prompted to lower their export offers to USD 1100/MT FOB India for 60-14 grade and USD 1220/MT FOB India for 65-15 grade.

On the future outlook, market participants expect the Silico Manganese offers to remain stable until demand for the same rebounds in the seaborne market.