Indian Silico Manganese Prices Down on Buyers' Resistance

Indian Silico Manganese producers witnesses resistance from buyers on their previous quoted offers.

Earlier, Silico Manganese producers had raised their offers on the backdrop of rising Manganese Ore prices but failed to find acceptance at those levels.

A source commented, "buyers are conscious and are not ready to accept higher prices". He further added that trading is very limited as producers' anticipation is playing a major role and they are observed to be in a wait-and-watch mode.

Supporting the aforementioned citation, a producer source said that he is not offering much of the commodity in the market as he expects the prices to move up.

The Silico Manganese market is observed to be tight while trades are being conducted at INR 72,500/MT (Ex-Raipur) and INR 73,000/MT (Ex-Durgapur). However, few producers are still quoting at higher levels.

A source revealed that traders have been concluding deals at lower levels and hence dragging down the prices.

Inquiries from overseas are encouraging with producers receiving demand mainly from the Middle-East and Far-East Asian countries. However, inquiries from Europe did not fall in line with their expectations.

Export offers are assessed at USD 1120/MT FOB India for 60-14 grade and USD 1230/MT FOB India for 65-15 grade.

On the future outlook, Silico Manganese producers are expecting the prices to move up as Manganese Ore prices continue to go up further.