Indian Silico Manganese prices in Raipur fell amidst low demand and oversupply in the market. Meanwhile, the presence of COVID-19 in India has created a panic amongst the market participants. Major producing regions are in lockdown, although the goods traffic is said to remain unaffected, the availability of workers and the negative sentiment towards the steel market remains an issue. Major Silico Manganese producing plants in Durgapur region has been shut down for a few days. Meanwhile, major ports need the commodities imported to be quarantined for 14 days before any inward movement, which would delay the procurement process. As most of the labour in the West Bengal state is dependent on the local public transport, suspension of it has created a heavy shortage of labour.
The prices in Durgapur has been rolled over due to the closed market. The offers are as under:
- Ex-Durgapur (60-14)- INR 59,000/MT
- Ex-Raipur (60-14)-INR 58,000-58,250/MT
- FOB India (60-14)- USD 840/MT
- FOB India (65-16)- USD 945/MT
Future Outlook
Indian Silico Manganese market seems pessimistic as most of the major producing areas are under lockdown and procurement of raw materials is an added concern.
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