Indian Silico Manganese Prices Reduce on Limited Trading

Indian Silico Manganese prices moved down by up to INR 1000/MT this week owing to the low demand in the market. Producers have stated that many Steel mills are yet to begin operations and since the production has been curtailed the demand has been low. Initially, the prices of Silico Manganese had increased in line with higher Manganese ore prices (up by 40-45% since last month). However, the prices of Silico Manganese has corrected after the market reopened. It is a buyers' market and they are negotiating for lower prices. The suppliers are compelled to lower the prices to combat their own cash flow difficulties.

Prices in the domestic market fell by up to INR 1000/MT as compared to the prices on last Friday. The current assessment for the grade 60-14 Silico Manganese is at INR 65,000 - 66,000/MT Ex-Durgapur and INR 66,000-66,500/MT Ex-Raipur. Inquiries are prevailing in the export market and the current offers stand at USD 860-880 /MT for 60-14 and USD 980-1,000 /MT for 65-16 FOB India. The export market is getting back to normalcy again, however, the buyers are negotiating aggressively.

Near term Outlook
Silico Manganese producers anticipate that the demand may improve after the market opens up. Meanwhile, the uncertainty about the Manganese Ore prices are also keeping the Silico Manganese producers from procuring any ore.