Indian Silico Manganese Prices Unchanged Despite Moderate Demand

Indian Silico Manganese producers kept their prices relatively unchanged as market witness limited trading activities.

The wait-and-watch mode is over as producers remained reluctant to cut their offers as per the buyer's expectation. "We have been receiving various counter offers at lower prices but we stood our ground," said a producer.

"Previously, the buyers were holding off their purchases anticipating a reduction in offers but are set to resume buying," mentioned another source reflecting his optimistic view.

SteelMint assessed Silico Manganese offers in the range of INR 63,500-64,000/MT (Ex-Raipur) and at around INR 63,500/MT (Ex-Durgapur). A deal was heard to be concluded by a major producer from Raipur for Silico Manganese (60-14) at INR 65,500/MT, delivered to Hyderabad.

Demand from overseas also remained moderate while export from India, which remained under pressure might get eased.

A GST of 18% resulted in blocking of the amount for a period of a 2-3 month but now the same has been reduced to 0.1%, hence encouraging the producers and traders to export in large volumes, revealed a source.

Export offers are assessed at USD 1010/MT FOB India for 60-14 grade and USD 1170/MT FOB India for 65-15 grade.

On the future outlook, Silico Manganese offers are expected to maintain stability with hints of correcting upwards as demand returns to the market.