“Due to very weak market conditions, the company has suspended its smelting operations for an approximate period of a month,” the silico-manganese producer said in a filing with the Bombay Stock Exchange on Monday April 13.
The company expects to resume operations in May.
Indsil's 14,000 tpy plant was established in 1994 and produces ultra low carbon, low carbon and medium carbon silico-manganese.
India has removed the export rebates
it gave to domestic silico-manganese suppliers on exports to Europe, Canada, the USA and Australia. Meanwhile, low demand has caused silico-manganese prices in India to fall below the production costs for some manganese alloy producers.