Indian Silico Manganese offers witness a fall as market lacks demand especially from overseas.
“Demand for Silico Manganese has not picked up, prompting producers to lower offers to garner greater buying interest,” said a producer source referring to the weak demand.
SteelMint learned that a weak export market has raised Silico Manganese producers’ dependency on the domestic market, thereby creating stiff competition among sellers.
In view of rising competition, another source mentioned that the domestic buyers are continuously trying to push Silico Manganese prices on the lower side.
SteelMint assessed Silico Manganese offers at INR 67,500/MT (Ex-Durgapur) and (Ex-Raipur).
Weak demand from the overseas market has created selling pressure on the producers. The European market has been disappointing for the sellers while the Middle-Eastern market has been supporting prices from drifting down further.
Export offers for the commodity have been assessed at USD 1,060/MT FOB India for 60-14 grade and USD 1,160/MT FOB India for 65-15 grade.
On the future outlook, market participants expect a further dent in prices as higher competition may compel sellers to lower their offers again in order to entice buyers.
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