The Silico Manganese market weakened slightly on poor end-user demand. Most sources said the market was dull with buyers still not showing much willingness to buy.
In the domestic market, prices for Silico Manganese are marginally down as demand from buyers weaken. Current prices of Silico Manganese (grade 60-14) are INR 54,000/MT (Ex-Raipur), INR 54,500- 55,000/MT (Ex-Vizag) and INR 54,500/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 53,000/MT (Ex-Champa). TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 44,250/MT FOR West Bengal.
[su_quote]“I don’t think Silico Manganese prices will have a rise when actual demand is so soft. There really isn’t much end-user buying taking place”, remarked a producer based in Raipur.[/su_quote]
Export Market
Indian-origin Silico Manganese demand is good in the export market and so prices remain firm. Silico Manganese 60-14 is being offered at USD 890-900MT FoB East Coast India and 65-15 is being offered around USD 990-1,000/MT FoB East Coast India. Market sources reported of decent inquiries from Europe, Middle-East & South-East Asian countries.
[su_quote]A Kolkata based trader stated, “The export market is quite attractive compared to the domestic market, as there are good inquires from the international buyers.”[/su_quote]
Most sources reported that the general outlook of the Silico Manganese market is soft and are unsure about any price rise. SteelMint assessed that there was minimal activity in the market and believe that the market condition is unlikely to change in the near future.
Exchange Rate: USD 1= INR 62
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