Silico Manganese prices remains under pressure as lackluster demand prevails.
“The market remains inactive with limited buying appetite for Silico Manganese as buyers are still looking for clearer direction,” said a producer source reflecting his concern on deteriorating demand for the commodity.
Another Durgapur based producer claimed that production of Silico Manganese has been hugely affected by regular power cuts which resulted in the prices to stabilize despite low inquiries.
In Raipur, the supply of Silico Manganese is restricted and has lent support to Silico Manganese offers in the region. Two of the major Silico Manganese producers in Raipur are supplying to Bhilai Steel Plant and are unable to offer anything to other buyers.
SteelMint assessed Silico Manganese offers in the range of INR 63,000-63,500/MT (Ex-Durgapur) and INR 63000-64,000/MT (Ex-Raipur).
Overseas demand for the Alloy continues to be low, where sellers are finding it tough to find any deals.
“Though some of the sellers are claiming to have traded for their December shipments, I doubt that strongly,” said an exporter discussing the constant low inquiries from overseas.
However, the producers have kept their export offers unchanged despite low demand at USD 1,000/MT FOB India for 60-14 grade and USD 1,050/MT FOB India for 65-15 grade.
The short-term expectation is for prices to remain under pressure and further downward price movements are still possible, on the back of low Silico Manganese demand in India and overseas.
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