Silico Manganese prices fell for the second straight week with demand dented as buyers were retreating due to diminishing steel margins.
Silico Manganese 60-14 is currently being offered at around INR 63,500/MT (Ex-Raipur); INR 64,500/MT (Ex-Durgapur); INR 63,500 (Ex-Vizag). Silico Manganese producers were clamoring to offload stocks, fearing the price declines could intensify. “Each time we think the price is low enough it manages to slide below that level,” remarked a Silico Manganese producer. Traders were also reluctant to buy despite seemingly low prices for Silico Manganese. SteelMint assessed that the Indian Steel mills were reportedly cutting down on their Manganese Alloy stocks to maintain cash flows amid thin or negative margins.
Meanwhile, Silico Manganese 60-14 is currently being offered at USD 930/MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 1040 /MT FOB East-coast India. In the export market, Indian Silico Manganese FOB prices continued on a sharp decline on account of weak Rupee and willingness by sellers to lower prices to attract buyers. However, most Indian producers of Silico Manganese reported of poor overseas demand and seemed gloomy over the current market situation.
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