Silico Manganese prices in India have fallen by Rs. 1000-1500 per tonne in India week-on-week amid bearish sentiment and weak finish steel demand. Silico Manganese 60-14 is currently being offered at Rs. 51,500-52,000 /MT (Ex-Raipur) and Rs. 52,000-52,500 (Ex-Durgapur). A Silico Manganese producer revealed that there is immense selling pressure and material can be obtained at any price in the market today. A distributor reported to SteelMint that TATA’s branded Silico Manganese 60-15 Silicomag is being offered at Rs. 52,500 /MT.
Some producers of Silico Manganese are optimistic that the SAIL tender for procurement of 49,048 MT of Silico Manganese, closing on 14th May, 2013 will help push prices up as demand strengthens. However, this increase in prices could likely be offset by increase in production levels.
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 65-16 is currently being offered at $ 1050-1060 /MT FOB East-coast India (P – 0.25% max). However, no increase in export demand has yet been witnessed, despite the price-cut.
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