Silico Manganese offers remain unchanged amid limited market activity as demand has reduced in a seasonal slowdown.
“The market sees no change as demand remains low but constant in the domestic market,” said a trader discussing the trend of the commodity.
“Following a down-trend in the steel industry in India, prospective buyers have held back from procuring material in order to get a clear market direction,” said a producer source on the softness in demand.
A seasonal slowdown is still witnessed to be in play as buyers are reluctant to purchase on weak steel fundamentals and are waiting for prices to dip further before buying.
SteelMint assessed Silico Manganese prices at INR 65,000-66,000/MT (Ex-Durgapur) and (Ex-Raipur).
Demand from overseas also mirrored the domestic market as there are limited inquiries from Asian countries while Europe is on summer holidays.
A weak INR vis-à-vis the USD has also prompted the producers to keep their prices unchanged at USD 970/MT FOB India for 60-14 grade and USD 1070/MT FOB India for 65-15 grade.
Moving ahead, there is a stronger likeliness that Silico Manganese will fall as selling pressure rises. However, the market participants are on wait-and-watch mode as they also await MOIL to declare its prices for the next quarter to get a clear direction.
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