India: Silico Manganese Prices Remain Unchanged W-o-W

Prices of Indian Silico Manganese maintain stability in the second week of Feb'18.

Producers reported that the demand in the domestic market is correcting itself and is moderate. However, there is absence of demand from the Export Market. Meanwhile, the falling price of Manganese Ore doesn't seem to affect the prices of Silico Manganese as many Silico Manganese producers have also started producing Pig Iron.

Prices in the second week of Feb'19 in the domestic market are at around INR 67,000/MT and INR 66,500/MT for Ex-Durgapur and Ex-Raipur respectively. Amid limited demand in the export market, producers have maintained their offers prices for 60-14 grade at USD 930/MT FOB India and for grade 65-16 at USD 1030/MT.

Despite weak demand in the Export market, the producers seem optimistic as the demand from Domestic market is picking up. One trader said that the market is in a wait and watch mode and future prices of the product is highly unlikely to be predicted beforehand. Meanwhile, other trader reported that the prices are to remain stable in the near future with minor variations.

On the future outlook, it seems highly unlikely that the market may see any drastic changes in the prices or demand in the short-term.