Silico Manganese prices witness a downward correction as sellers few sellers reduced their offers to garner buying interest.
Demand for Indian Silico Manganese remains low but constant, while producers claim to be down on inventory.
“Sellers have aggressively lowered their offers to entice buyers and in the course created a lower level, while buying remains constant or marginally on the lower side,” said a producer source referring to the present bearish Silico Manganese market.
SteelMint assessed Silico Manganese offers at INR 68,000/MT (Ex-Durgapur) and (Ex-Raipur).
Inquiries from overseas are also moderate, although, Europe has stepped back into the market as well. “Demand from Iran is constant and quite soft from Europe, which is however expected to rise very soon,” said a source expressing his confidence.
Export offers are assessed at USD 1080/MT FOB India for 60-14 grade and USD 1190/MT FOB India for 65-16 grade Silico Manganese.
On the future outlook, market participants expect the Silico Manganese offers to move up, supported by elevated global Manganese Ore prices.
Leave a Reply