The spot price for Silico Manganese in India remains unchanged as the market is waiting for MOIL to declare its offer price for the next quarter (July-September). Most market participants believe MOIL will cut prices for Manganese Ore, as Manganese Alloy prices have come down sharply in the month gone by. In the event of MOIL reducing its prices for Manganese Ore, it will provide Silico Manganese producers an opportunity to adjust (lower) prices to garner greater buying interest. Silico Manganese 60-14 is currently being offered at Rs. 49,500 /MT (Ex-Raipur), and Rs. 50,500 – 51,000 (Ex-Durgapur). SteelMint learned from sources that trading activity was scant as buyers steered clear of any transaction – awaiting clearer market direction.
Meanwhile, Silico Manganese 60-14 is currently being offered at $ 840-850 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 960-970 /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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