Silico Manganese prices unchanged from last week as buyers and sellers reported a lackluster market with slow activity and a resistance from sellers to lower prices
Silico Manganese market for the week gone by kept sluggish and transactions were at a low level due to slow demand. Domestic demand for Silico manganese remains inactive. Silico Manganese 60-14 is being offered at INR 52,500 /MT (Ex-Raipur) and INR 53,500-54,000 /MT (Ex-Durgapur). Prakash industries are offering Silico Manganese at INR 50,500 /MT (Ex-Champa, Chhattisgarh). . TATA's branded Silico Manganese 60-15 Silicomag is currently not being offered in the market but Silico Manganese 50-12 is being offered at INR 43,000 /MT. Some traders disclosed they had some inventories in hand as they could receive little to no enquire in Durgapur. Market participants are of the belief that there is little or no possibility of prices to go up in the near future.
Although MOIL has raised delivery price for Q3 (October-December), starting this month by around 5-10%, many producers of Silico Manganese (including those that depend on foreign manganese ore imports) have kept offer prices unchanged for exports. Indian producers have decided to keep the price of Silico Manganese firm in the export market due to the appreciation of the rupee value. Silico Manganese 60-14 being offered at USD 880-890 /MT FOB East-Coast India, and Silico Manganese 65-16 is being offered at around USD 1000 /MT FOB East-coast India.
On the future outlook market participants belief that although prices have been stable Silico Manganese prices are facing downward pressure, looking at market condition.
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