India: Silico Manganese Prices under Pressure amid Moderate Demand

Indian Silico Manganese prices remain under pressure with lackluster demand in the market. Prices in Durgapur are at comparatively higher levels as compared to Raipur. Producers from Raipur are struggling to entice buyers even at lower levels. Durgapur producers are enjoying moderate demand. Market sources said that after election results producers tried to raise the prices, but it was not accepted in the market and therefore, the prices were again brought to lower levels.

Prices of Silico Manganese have been falling continuously in Raipur amid low demand. Silico Manganese offers for 60-14 grade in Raipur are in the range of INR 65,500-66,000/MT Ex-Raipur and in Durgapur deals are being concluded at around INR 66,500-67,000/MT Ex-Durgapur. However, a few producers who are sold-out have maintained higher levels. Since, last week, INR fluctuated a lot with respect to USD, which provided the producers with the scope of reducing prices. Prices were down on W-o-W basis in the export market owing to lackluster demand. Producers are offering 60-14 grade in the range of USD 930-940/MT and grade 65-16 is being offered at USD 1040-1050/MT in the export market.

On the future outlook, market sources are of the view that Silico Manganese prices can fall further in line with the falling imported Manganese Ore prices, and the producers are afraid that the buyers may demand the material at much lower prices.