The market for Silico Manganese remains quiet and is expected to remain slow for some time to come, SteelMint learned from market sources. Silico Manganese prices in India dropped further in the last one week, due to weak demand and low Finish Steel prices. Silico Manganese 60-14 is currently being offered at around Rs. 51,000 /MT (Ex-Raipur) and Rs. 51,000-51,500 /MT (Ex-Durgapur).
Additionally, the Indian steel market has been weak with market prices falling since the beginning of March, and some steel mills have conducted a new round of repairs and maintenance instead of operating amid weak demand.
The weakened rupee against the dollar, has allowed Indian players to cut their offers, as the effective realization is the same, with the stronger dollar. Silico Manganese 60-14 is offered at $ 930-940 /MT FOB, and Silico Manganese 65-16 is currently being offered at $ 1040-1050 /MT FOB East-coast India (P – 0.25% max). A Silico Manganese exporter remarked, “There’s very little interest in Silico Manganese, with not many people buying.†People are not unhappy with the price level; it’s more to do with them not wanting the material, he highlighted further.
Given the current situation, the Ferro Alloy market is unlikely to rebound in the short-term amid weak demand from steel mills in the monsoons.
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