Prices of Silico Manganese lost more ground, jolted by poor demand that tracked increasingly bearish sentiment over steel fundamentals. Silico Manganese 60-14 is being offered in the range of Rs. 48,500 – 49,000 /MT (Ex-Raipur) and at Rs. 50,500 /MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at Rs. 46,500 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that TATA's branded Silico Manganese 60-15 Silicomag is being offered at Rs. 51,000 /MT. Buying interest for Silico Manganese continues to weaken as the Steel market in India is going through a period of sustained weakening. However, market sources believe that the prices for Silico Manganese are at the lowest possible limit and these levels can't be breached.
The export market reported no further drop in prices but demand remained flat. Silico Manganese 60-14 is being offered at $ 810-830 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 950-960 /MT FOB East-coast India. SteelMint learned from sources that the European buyers are away on summer holidays, and are not expected to return to the market before mid-August. A 400-800 tonne tender was floated by a steel mill in South Korea, and traders have inquired for Indian-origin material with required specifications and quality in the range of USD 830-840/MT CIF Busan to be competitive in the tender.
Buying interest for Silico Manganese will continue to be restrained, unless Steel margins and fundamentals show signs of improvement.
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