India: Silico manganese prices range-bound w-o-w amid availability

Indian silico manganese prices remained range-bound w-o-w, influenced by prevailing demand and availability of materials.

SteelMint's latest assessment of silico manganese (60-14) prices is at INR 91,920/tonne (t) ex-Raipur and INR 91,780/t ex-Durgapur, the two key manufacturing regions in India.

However, some producers also offered at lower levels to entice buying while a few others quoted higher prices compared to the range prevailing due to limited supply.

Prices of the 60-14 silico manganese fluctuated in the market more as compared to the 65-16 grade. Sellers increased their offers whenever they observed good demand for 60-14, but buyers' refusal to book forced them to reduce their offers.

At the same time, most of the producers are busy completing their old export orders till Dec'21. Therefore, some producers have totally shifted to producing the higher grade. This has in turn caused prices of the lower grade to rise.

Additionally, the price of manganese ore imported for January shipments dropped, creating downward pressure.

Moreover, steel prices are still under pressure as a result of muted demand in anticipation of further price reductions. Steelmakers are also keen to bargain while booking silico manganese.

Outlook
Price pressure on silico manganese (a raw material for steel-making) will continue till both steel demand and manganese ore (raw material for making manganese alloys) prices improve.