India: Silico Manganese Prices Remains Stable on W-o-W

Indian Silico Manganese Prices remains at the same levels as compared to the previous week. The global Manganese Ore prices have increased in line with reducing stocks at the Chinese ports and the increased freight rates.

Due to this, a few producers stated that further corrections of prices are highly unlikely despite sluggish Steel market conditions. Demand in the Domestic market is dull, whereby producers have been continuously reducing prices to entice buyers. A few producers are underselling as they want to clear the inventory. However, this situation is bringing down the market prices, and the producers are driven to press down their prices to lure the customers.

Prices in Durgapur were down by INR1000/MT, while in Raipur the offers remained unchanged. In Durgapur, Silico Manganese 60-14 is being offered in the range of INR 65,500-66,000/MT Ex-Durgapur. In Raipur, the prices are at INR 66,000-66,500/MT. In the Export market, the demand remains moderate, producers are offering 60-14 grade in the range of USD 940-950/MT and 65-15 is being offered at USD 1040/MT.

On the Future outlook, the prices may follow the same levels for now. Producers said that a subsequent amount of change can be visible only if MOIL revises the prices.