Indian Silico Manganese Prices Unchanged on Upcoming Diwali Holidays

Silico Manganese had a quiet start this week with Diwali holidays soon to come. Prices are steady with limited trade and inquiries.

The Silico Manganese market is unlikely to rise or fall this week as the market will remain closed on Diwali holidays. However, sellers are under pressure to destock with sufficient material. Hence, they are negotiating for low prices on the credit crunch.

SteelMint assessed grade 60/14 is being offered at INR 63,000/MT (Ex-Raipur) and INR 64,000/MT (Ex-Durgapur).

A Raipur based producer stated, "Demand interest doesn't appear to be much at all. Buyers prefer to retreat to the sidelines in hopes of greater stability before making any procurement decisions."

Bid indications continued to be soft. "Demand is lousy and despite lowering offers there is no buying," remarked a producer from Kolkata.

SteelMint assessed that prices are under pressure as there is more than adequate supply, lower offers from traders and Diwali holidays.

In the export market, Indian suppliers of Silico Manganese have kept offer levels firm owing to high cost of production, as imported Manganese Ore prices have risen.

SteelMint assessed that grade 60-14 is being offered at around USD 1020/MT FOB East-coast India, and grade 65-16 is being offered at around USD 1170/MT FOB East-coast India.

On the future outlook, sell-side participants are expecting that post-Diwali, the prices may pick up as demand rebounds and trade activity returns to normal.