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

Indian Silico Manganese prices are unchanged W-o-W as producers wait for MOIL to declare Manganese Ore prices for the July-September quarter. Demand in the domestic market remained moderate and in the export market demand is comparatively duller. With the reduced prices of Manganese Ore in the global market, buyers are putting the sellers under pressure to reduce the Alloy prices. Producers are holding quantities to retain their prices and are restraining themselves from concluding the deals at further lower levels. Most Indian producers are waiting for MOIL to declare their prices for July for further direction.

Silico Manganese offers for 60-14 grade in Raipur are in the range of INR 65,000-66,000/MT Ex-Raipur. However, deals are still awaited at higher levels. In Durgapur, prices for 60-14 grade are at around INR 66,000/MT Ex-Durgapur. Producers are offering Silico Manganese 60-14 grade at USD 940/MT and grade 65-16 is being offered at USD 1040/MT in the export market.

On the future outlook, market participants believe that the prices are dependent on the MOIL prices, that if the prices of Ore decreases, producers may decrease the price of Silico Manganese accordingly. However, producers believe that MOIL will likely roll-over prices.