India: Silico manganese prices remain stable W-o-W

Silico manganese prices remain stable in India amidst balanced demand and supply. Last week, the prices in Raipur region increased on supply issue and the producers increased their offer levels 60-14 grade. A few deals were heard to be concluded at INR 62,000/t last week in Raipur. A Raipur based trader stated that the prices are for same-day delivery, however, few deals are also being concluded at lower levels, if the buyers can wait for a week. Meanwhile, in Durgapur, the prices are a bit lower and bulk orders for 60-14 grade have been concluded in the range of INR 61,000-61,500/t.

In the export market, the demand has subdued since the past week, however, due to the recent rupee appreciation in the market the producers are feeling some discomfort. Meanwhile, the buyers are following the manganese ore prices and are demanding silico manganese at much lower rates. Last week, the prices of ores fell by 8-9% due to subdued demand from the Chinese market, this, however, encouraged the buyers for negotiating at further lower prices. Currently, the export prices are at the same levels as those of the domestic market. A few deals were heard to be concluded from the Vizag port at $820/t for 60-14 and $910/t for 65-16 grade fob India.

Outlook:
The market is stable for now, and the producers are holding firm with their prices. However, with constant dull demand and the continuous fall in the manganese ore prices, silico manganese prices are under growing pressure.