India: Silico Manganese Prices Remain Stable amid Moderate Demand

Indian Silico Manganese prices remained stable amid moderate demand. The prices of Silico Manganese were mostly under pressure due to the sluggish steel market. Most market participants believe that the market conditions are likely to remain unchanged until elections get over in India as the producers are facing major issue over labour availability. However, fresh round of demand may start post elections.

Silico Manganese prices for 60-14 grade in Raipur are in the range of INR 66,000 - 66,500/MT Ex-Raipur and Ex-Durgapur deals are concluded at INR 67,000/MT.Although, deals are being concluded in Raipur at values nearer to INR 66,000/MT. Prices remained same in the export market owing to lacklustre demand and Rupee regaining strength in the last few days. Producers are offering 60-14 grade at USD 960/MT and grade 65-16 is being offered at USD 1060/MT in export market.

On the future outlook, many producers feel that with the reducing ore prices, the Silico manganese prices may correct in the near future or may continue at this levels, but any redemption in the prices seems highly unlikely.