Silico Manganese prices have fallen this week as market participants continue to witness weak demand.

Sell side players continue to lower their offers owing to limited buying interest. Silico Manganese 60-14 is being offered at around INR 57,000/MT (ex-Raipur) and INR 57,500/MT (ex-Durgapur). According to sources, Prakash Industries is offering at INR 55,500/MT (ex-Champa, Chhattisgarh). Market sentiments in India remain unoptimistic, with no chance of any upswing in prices till mid-September.

A producer from Raipur remarked, “End-user buying activity is very sluggish. Also, market is tedious and almost stagnant with little bids to our offers.”

Export Market

Indian export market is receiving limited buying interest from overseas buyers. 60-14 grade is currently being offered at around USD 930/MT FoB East Coast India and 65-16 is at around USD 1,030/MT FoB East Coast India. Overseas demand for Silico Manganese is also really low and despite the low offer levels, prices were still not welcomed by buy side participants.

Deals to Turkey & Japan for grade 65-16 were heard to be concluded at around USD 1,030/ MT FoB East Coast India.

On the future prospect, market sources expect Silico Manganese prices to be range-bound, with limited demand from domestic as well as overseas market.

 Exchange Rate: USD 1=INR 60.45

• [Editor:Sophie]