Indian Silicon Manganese Market Struggles with Low Demand

The Indian silicon manganese market is currently facing a downturn due to low demand resulting from the softened steel prices of mid-sized steel mills, which declined by around Rs 500-1,500/ton in the previous week.

Limited inquiries from mid-sized steel mills have led to weak demand and forced manganese producers to keep prices lower.

Additionally, the export demand for silicon manganese has also been affected, as international buyers seek lower price ranges.

Price Trends

The latest prices for silicon manganese (HC 60-14) have been reported at around Rs 75,000/ton ex-works in Raipur and Durgapur, excluding GST, which is a down of up to Rs 1,000/ton week-on-week. Export prices for the same grade have also declined, reported at around $940-945/ton FOB India, down by $5-10/ton week-on-week.

Future Prospects

Industry experts predict that silicon manganese prices are likely to remain volatile due to uncertain steel price movements.  The prices of secondary mills remained varied while primary mills are keeping prices higher. This ultimately will keep the demand for silicon manganese stagnant. However, in addition, export inquiries will play a key role in major price changes in the Indian silicon manganese market.

Insight

The Indian silicon manganese market is experiencing significant price drops due to declining steel prices and limited inquiries from domestic buyers. The future prospects of the market will largely depend on export inquiries and the movements of steel prices in the Indian market.

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