Indian silico manganese exports fall 8% y-o-y in Jan-Jul'23 on declining enquiries

Silico manganese shipments from India stood at 704,199 t in January-July'23, down 8% compared with 767,775 t in January-July'22. Lower export enquiries is supposed to be a key reason for the decline in shipments.

Economies like Zambia attracted more attention as they offered prices much lower than India. Rotterdam (a city in The Netherlands) became the leading supplier to European countries, with offers at around $750-$800/t FOB (for 60-14 grade). Suppliers offered materials at prices much lower than Indian exporters' quotes.

The average price offered by India was at around $914/t FOB (60-14) in January-July. The global liquidity crunch and electricity inflation weighed on demand for silico manganese.

Country-wise exports

The top importing countries were Italy (85,193 t), UAE (68,350 t), Japan (54,374 t), Egypt (49,796 t), and Taiwan (45,062 t).

Shipments to Italy: Italy imported a total of 85,193 t in January-July, down 7% from 91,833 t in the same period last year. Due to the 6% drop in steel production during the period to 13.1 mnt from 13.9 mnt in January-July'22, silico manganese imports edged down.

Exports to UAE: Shipments rose by 7% to 68,350 t compared to 63,835 t in the year-ago period

Shipments to Japan: Exports to Japan inched down by 31% in January-July to 54,374 t as against 78,287 t in the same period last year, as the steel output fell by 4%. Demand for steel is expected to remain strong, driven by a recovery in demand for automobiles, sources informed.

Shipments to Egypt: Imports into Egypt stood at 49,796 t, down 38% in January-July from 79,920 t in the year-ago period.

Exports to Taiwan: Another key importer Taiwan imported 45,062, higher by 16% y-o-y.

Outlook

Silico manganese exports from India are likely to fluctuate in the near future in view of fluctuating global steel demand and silico manganese consumption.