India: Silico Manganese Prices slip further down

Indian Silico Manganese Prices went further down in line with low demand and bearish Steel Market sentiment. Demand is weak in both domestic as well as global markets. Producers are selling at much lower levels to clear their inventories. It is mostly a buyer's market now, as buyers are negotiating aggressively and the producers are under severe selling pressure.

In Durgapur, Silico Manganese 60-14 is being offered in the range of INR 61,500-62,000/MT Ex-Durgapur. In Raipur, the prices are in the range of INR 61,000-61,500/MT Ex- Raipur. In the Export market, the demand remains moderate; producers are offering 60-14 grade at USD 870-880/MT and 65-16 is being offered at USD 980-1000/MT. Meanwhile, some deals for grade 60-15 were heard to be concluded at INR 63,000/MT.

On the future outlook, prices of Silico Manganese are to remain under pressure. Any rise in prices is therefore highly unlikely owing to the timid demand. However, with the recent stability in the Steel prices, the prices of Silico Manganese may also attain stability and better demand.