Given limited buying appetite for Silico Manganese in India and the underlying weakness in the steel market, Silico Manganese 60-14 is currently being offered at Rs. 50,000 /MT (Ex-Raipur), few smaller plants are also offering at Rs. 49,000 /MT (Ex-Raipur), and Rs. 50,500 – 51,000 /MT (Ex-Durgapur). Market sentiment in India remained unoptimistic, with most seeing little chance of any upswing in prices. Whereas, some agreed that there could a further dip in prices in the near-term, however, nobody expected a plunge, as many felt the market was already close to the bottom. With the proposed hike in electricity charges in Chattisgarh, producers of Manganese Alloys in the State are considering lowering production, to limit their risk in this collapsed market. Some are also quite hopeful that MOIL will cut-back prices for the 2nd quarter.
SteelMint learned that the manufacturers of Manganese Alloys are weighed down by deteriorating external demand and destocking pressures. Silico Manganese 60-14 is currently being offered at $ 860-870 /MT FOB East-coast India, and Silico Manganese 65-16 at $ 970-980 /MT FOB East-coast India. An Indian producer of Silico Manganese 65-16 confirmed a deal to a Japanese company at $ 980/MT FOB. A senior official from the Company further highlighted, “Sellers are getting increasingly aggressive to conclude deals.”
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