Indian Silico Manganese Prices Stable; Demand Moderate

Indian Silico Manganese prices maintain stability amid limited demand on the backdrop of weak steel fundamental.

"The market sees no change as demand remains soft in the domestic market with demand dented as buyers were retreating due to diminishing steel margins," said a trader discussing the trend of the commodity. Major producers have existing orders and with the cut in production levels due to low buying could maintain the prices at current levels, he added further.

The demand for finished steel is also witnessed to be weak and Indian Silico Manganese prices remain restricted on moderate demand in a sluggish market.

"Domestic demand for Silico Manganese continues to be thin, and market participants highlighted that purchasing was very low in the week gone by," said another source Silico Manganese 60-14 is being offered at around INR 68,500/MT (Ex-Durgapur and Ex-Raipur).

However, despite soft demand from the seaborne market and sellers finding it difficult to conclude deals, the producers have maintained offer levels at USD 950/MT FOB India for 60-14 grade and USD 1040 /MT FOB India for 65-16 grade.

On the future outlook, most market participants believe that Silico Manganese prices will continue to remain weak on the back of lacklustre steel market in India.