India: Silico Manganese Prices Unchanged as Market Lacks Activity

Silico Manganese prices have found support at current levels, showing very little indication of change, with a lack of buying interest from Steel mills.

Silico Manganese 60-14 is being offered at around INR 61,000 /MT (Ex-Raipur) and INR 62,000 /MT (Ex-Durgapur). A Durgapur-based trader remarked, "With the steel industry failing to recover, the Silico Manganese producers are finding it difficult to raise their offers." He further said that demand is very weak in the domestic market, suggesting greater dependence on overseas sales.

In the export market, Indian producers reported of better demand from European buyers, who have begun procuring for their Q3 requirement. Silico Manganese 60-14 is being offered at USD 980/MT FOB India, and Silico Manganese 65-16 is being offered in the range of USD 1080-1090/MT FOB India.

On the future trend, Silico Manganese prices are expected to remain under pressure, and the possibility of seeing a rebound in prices in the next three to four weeks remains unlikely.