Indian Silico Manganese prices maintain stability amid limited demand on the backdrop of weak steel fundamental.
“The market sees no change as demand remains soft in the domestic market,” said a trader discussing the trend of the commodity. Major producers had existing orders and with the cut in production levels due to low buying could maintain the prices at current levels, he added further.
The demand for finished steel is also witnessed to be weak as well owing to the seasonal slowdown.
Firm Manganese ore offers amid bearish ferroalloy market has lent support to the Silico Manganese offers. However, scant buying of Silico Manganese has restricted the prices of the commodity.
“Domestic demand for Silico Manganese continues to be thin, and market participants highlighted that purchasing was very low in the week gone by,” said another source Silico Manganese 60-14 is being offered at around INR 65,000-66,000/MT (Ex-Durgapur) and INR 65,500/MT(Ex-Raipur).
Demand from the overseas is also witnessed to be soft as export offers are assessed to correct downwards to USD 970/MT FOB India for 60-14 grade and 1080/MT FOB India for 65-16 grade.
Considering the depreciated INR against the USD, the exporters have lowered their offers to entice buyers.
On the future outlook, market participants are of the view that prices may move down as inventory has been piling up with producers owing to low demand from steel mills.
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