Indian Silico Manganese Producers Cut Export Offers to Entice Buying

Indian Silico Manganese producers' cut their export offers to garner some buying interest amid limited trading activities.

"Silico Manganese has been a subject to bearish sentiment lately," said a producer referring to the unhealthy trading activities.

Silico Manganese 60-14 is being offered at USD 1000/MT FOB India, and Silico Manganese 65-15 is being offered at around USD 1150/MT FOB India. SteelMint learned that the manufacturers of Silico Manganese are under constant pressure after being weighed down by deteriorating external demand.

A similar trend can also be seen in the domestic market where demand for the commodity has failed to rebound. A producer remarked that "buyers are holding their purchase with an expectation of the offers to go down". He further said that the wait-and-watch mode continues in the market and that it is turning sentiment more bearish.

Silico Manganese 60-14 is being offered at around INR 63,500/MT (Ex-Raipur) and (Ex-Durgapur). "A recent tender by SAIL has somewhat supported the slumping offers of Silico Manganese," another producer added discussing the futuristic market of the commodity.

On the future outlook, Silico Manganese offers are likely to remain under pressure with high chances to correct downwards due to persistent lack of demand.