India: Medium-carbon silico manganese prices remain steady amid balanced trade conditions

• Seller resistance limits downside price pressure
  
  
• Controlled output supports steady price trend
  
  

India's medium-carbon silico manganese (Mn 53%, Si 20%, C max 0.5%) prices remained unchanged w-o-w at INR 87,500/t ($914/t) exw-Durgapur on 28 May, offers ranged in between INR 86,500-87,700/t. A 210 t deal concluded at INR 88,000/t ($920/t) indicated higher realizations, while overall trading activity stayed limited with buyers continuing need-based procurement in a cautious market environment.

Supply discipline maintains price stability: Market sentiment stayed steady as producers restricted spot availability and avoided aggressive price cuts, supporting overall price levels. Sellers preferred holding inventories rather than lowering offers, which helped maintain confidence in prevailing price bands. Even with muted demand from steel mills, controlled supply ensured that downward pressure remained limited, keeping the market largely stable through the week.

Selective buying limits market momentum: Buyer participation remained uneven, with procurement largely restricted to immediate requirements. Occasional higher-priced deals reflected urgent replacement demand rather than broad-based consumption recovery. The lack of sustained buying interest prevented any strong upward movement, but restricted volumes also avoided sharp declines, resulting in a balanced market structure where prices held steady within a narrow trading range.

Outlook

Medium-carbon silico manganese prices are expected to remain range-bound with a slight upward bias, as sellers resist further cuts and a stronger currency along with potential export demand may provide some support, while weak domestic steel demand limits major gains.