India: Silico Manganese Prices Drop Further Due To Dull Market

Indian Silico manganese prices have been falling since past few weeks amidst dull demand in the market. Moreover, due to the spread of COVID-19, the global economy is in the slowdown, which is affecting the exports. Producers remain pessimistic about the market sentiments and future trends. The prices of Imported Manganese ore fell by approximately 5% W-o-W that had a further negative impact on the Silico Manganese prices in India.

The export prices dropped by a significant amount, due to currency fluctuations. The offers in the market are as under
o Ex-Durgapur (60-14) - INR 59,500-60,000/MT
o Ex-Raipur (60-14) - INR 58,500-59,000/MT
o FOB India (60-14)- USD 840/MT
o FOB India (65-16)- USD 945/MT

Future Outlook
Silico Manganese prices are expected to fall further due to bearish market sentiments. Meanwhile, the export prices also may sink further due to falling currency rates.