Silico Manganese Prices On A Downward Trend, Will They Fall Further?
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Indian Silico Manganese prices have witnessed a downward trend due to concerns over declining Steel prices, leading to a shrink in demand. This decline comes after an uptrend in prices during the first half of May 2023, where prices increased by around Rs 2,000/ton in India. The current market conditions have prompted Silico Manganese suppliers in central India’s Raipur market to seek fresh orders to maintain the supply-demand balance, as the rising price competitiveness has limited their orders. In this article, let’s explore the current market situation.
Latest Domestic Prices
- Raipur- The current offers for HC 60-14 are reported to be around Rs 73,000-73,500/ton ex-works.
- Durgapur- HC 60-14 prices stand at approximately Rs 72,500-73,000/ton ex-works.
- The prices have dropped by around Rs 1,000/ton compared to the previous week. The domestic market remains weak due to the declining Steel prices, which have dropped by Rs 1,000-1,500/ton within a week. This has resulted in cautious buying behavior as buyers are reluctant to pay higher prices.
Latest Export Prices
Export offers for Silico Manganese (HC70, 65-16) have been floating around $970/ton FOB India. However, despite the producers slashing export prices by around $20/ton compared to the previous week, demand continues to remain weak.
Manganese Ore Price Impact
Manganese Ore (India) Limited (MOIL), the largest producer of Manganese Ore operates 11 mines in India. It is expected to reduce Manganese Ore prices for June 2023 due to the weak trends globally. If MOIL announces a price decline, it is likely to further impact Silico Manganese prices, leading to a potential drop, as assessed by Ofbusiness.
Stock, Supply, And Demand
Currently, there is sufficient availability and supply of Silico Manganese in the domestic market, slightly higher than the average maintained by the producers. The supply is expected to remain adequate as demand is anticipated to be slow, primarily due to low domestic and export demand resulting from falling Steel prices globally. China, which accounts for about 53-55% of the world’s total Steel production, has also witnessed a decline in Steel prices, contributing to the overall decrease in demand.
Market Outlook
Considering the factors of a mismatch in demand and supply and the softening of raw material and Steel prices globally, the outlook for the Silico Manganese industry appears unpromising. The upcoming price announcement by MOIL will provide further clarity regarding the market situation. Currently, most market participants have a negative outlook for the short-term prospects of the industry.
OFB’s Insight
The Silico Manganese industry in India is facing downward pressure on prices due to shrinking demand and declining Steel prices. With sufficient supply and weak market conditions, the industry outlook remains unfavorable. The upcoming price announcement by MOIL will provide further insights into the market’s future trajectory.
Read more: Sluggish Demand And Declining Prices Challenge TMT Market In India
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