India: Silico Manganese Prices Firm Despite Moderate Overseas Demand

Indian Silico Manganese prices remain unchanged owing to high ore prices and weak Rupee.

"High ore prices have lent support to the Silico Manganese prices as our cost of production has gone up sharply, firstly, due to higher global manganese ore offers and secondly, due to the depreciated Rupee making imports costlier, " said a source justifying the current prices.

"There has been a balanced demand-supply mechanism despite curtailed supply in Durgapur due to power shortages," said a source referring to demand for the commodity.

Market participants claimed that domestic demand for the commodity is intact, while some suggested export demand to be soft.

SteelMint learned that the domestic producers are trying to match the export offers which resulted in high Silico Manganese prices due to expensive USD.

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

Overseas demand for Silico Manganese is also observed to be sluggish as sellers claim to not have received many inquiries.

The export offers are assessed to be unchanged as well at USD 960/MT FOB India for 60-14 grade and USD 1080/MT for 65-16 grade.

On the future outlook, selling pressure could be on the anvil for Silico Manganese producers due to lower realization, especially in the seaborne market.