India: Silico Manganese Price Maintains Stability; Demand Remains Moderate

Offers for Indian Silico Manganese reflected stability on account of soft demand in the market due to the festive mood.

"Demand for Silico Manganese is moderate, the logistical issue during the festival of Durga Puja in West Bengal has disrupted the supply," said a producer source justifying the stability in the commodity's price. Moreover, he also added that some of the plants also postponed their purchases owing to the event of this festival.

Adding to the same, another source claimed that the power crisis still remains the issue in Durgapur.

SteelMint assessed Silico Manganese prices at INR 72,500-73,000/MT (ex-Raipur) and INR 73,500-74,000/MT (ex-Durgapur).

Overseas demand for Indian origin Silico Manganese remains numb as most of the importers have fulfilled their requirement.

"Weak export inquiries have stalled the domestic Silico Manganese prices from rising further," said a source referring to the firm offers of the commodity.

Export offers are also assessed to be unchanged at USD 960/MT FOB India for 60-14 grade and USD 1080/MT for 65-16 grade.

On the future outlook, Silico Manganese offers are expected to continue trading at current levels owing to high ore prices coupled with depreciated INR.