India: Silico Manganese Prices Stable Despite Modest Demand

Indian Silico Manganese prices remain unchanged on W-o-W basis. However, prices are under pressure amid limited demand and reducing ore prices in domestic as well as global markets.

With recent continuing trade war and lower global prices of Ferro Alloys and Ores, the domestic prices are also going down. However, stocking-up of Silico Manganese in East Asia and South East Asian Countries preceding to the Spring festival seems to be over now and is also one of the major reasons for limited demand from the major importers for India viz., Japan and Taiwan. However, inquiries are building up from the European market.

With the lackluster steel market due to oversupply in the global scenario, the demand of Silico Manganese remains limited. Meanwhile, many producers have cut down production levels owing to lower prices and limited demand. This, however, has helped the prices to maintain its prices in the short run.

Offer prices for Silico Manganese for Ex-Durgapur and Ex- Raipur both stays at INR 67,000/MT, and the export offers remains at USD 950/MT FOB India and USD 1050/MT for the grades 60-14 and 65-16 respectively.

On the future outlook, there is a possibility that the prices may fall down moderately before stabilizing. With the falling prices of Manganese Ores, the production cost of Silico Manganese may fall remarkably which may encourage the producers to lower the prices further down to entice buyers.