India: Silico manganese prices fall further as demand recedes

Indian silico manganese prices was traded at around INR 59,000-59,500/t in the past week. However, the prices took a plunge in this week and came down to INR 58,500/t in Raipur and INR 59,000/t in Durgapur.

The prices have down owing to continuous lacklustre demand from both the domestic and export market. Few major producers are booked for the next month as well, which leaves the small to mid-scale producers more desperate to sell. Thus, in such a scenario a fall in prices becomes inevitable.

Meanwhile, the exports market too remains dull with limited deals concluded. The prices are stable, as it is not a case of buyers wanting to procure at lower prices but there are very few inquiries being floated in the market. Meanwhile, the European countries are facing a second wave of Covid, which is restricting European demand for now.

Currently, the prices of imported manganese ore is also on a downside and silico manganese producers are not being able to increase the offer prices.

On the future outlook, few producer sources are of the opinion that if the producers collectively don't decide over the minimum selling price, prices might fall further by INR 2000/t in the coming days.