India: Silico manganese prices remain range-bound amid low demand

According to the information hainan west asia has received：Silico manganese prices remained range-bound last week due to lower-than-average local demand.  low trade volumes of about 1,700 tonne (t) of manganese alloys in the domestic market last week.
In terms of exports, there were few inquiries. Manufacturers across the country had planned to reduce output in order to recover input costs, which were on the rise.

Factors Influencing the Fluctuation of Silicon Manganese Price.
1.Differences in quotes between manufacturers and traders: To attract further buying interest in the domestic market, The price of silicon manganese offered by traders is lower than that offered by manufacturers. On the other hand, producers kept their offers at higher levels amid high electricity tariffs. As a result, prices remained range-bound.

2.Manganese ore prices remain stable: A subdued manganese alloys market also kept manganese ore prices almost flat with marginal fluctuations. Imported manganese ore of Mn37% grade (of South African origin) was offered at $4.1/dmtu CNF East Coast, nearly stable w-o-w. The Mn46% grade (Australian origin) was offered at $5.3/dmtu CNF Vizag down 1% on weekly basis, according to SteelMint's assessment.

3.Declining demand for steel: Domestic steel demand was low last week amid limited inquiries and hard bargaining for bulk bookings. This has resulted in manganese alloy prices not rising this week. SteelMint's daily steel billet index was assessed at INR 43,800/t, down INR 1,200/t w-o-w, exw-Raipur on 9 May, 2023.
Outlook

This week, demand for manganese alloys has decreased with the decrease in steel demand.However, semi-finished steel prices have started increasing which may lend some support to prices of silico manganese in the near future.

If you need more information,please contact Hainan West Asia Import and Export Group Co.,Ltd.
 

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