Silico Manganese prices receded this week as buying interest from participants subdued.
Silico Manganese market witnessed a sharp fall in prices. In Raipur, Silico Manganese 60-14 is being offered at INR 59,000 MT (Ex-Raipur). According to sources, Prakash Industries is offering Silico Manganese at INR 59,000/MT (Ex-Champa, Chhattisgarh). In Durgapur, Silico Manganese 60-14 is currently being traded at around INR 59,000/MT. Falling Ingot prices across the country has resulted in lower demand for Silico Manganese in India and prices have corrected by INR 500-1,500/MT. Ingot production levels and prices are generally the best indicator for Silico Manganese market. Market sentiment in India remained unoptimistic, with most seeing further reduction in prices as the monsoon season has commenced in India.
[su_quote]A Raipur based broker remarked, “The active buying that we were seeing earlier has stopped now.”[/su_quote]
Export Market
Buoyed by the depreciating INR against the USD, the Indian players have decided to cut their offers to consummate trade, as a stronger dollar boosts the sales in Indian rupee terms. Silico Manganese 60-14 is currently being offered at around USD 955-960/MT FoB East-coast India and 65-16 is being offered at USD 1,060/MT FoB East Coast India. It is to be seen whether this latest development results to increase in demand from foreign buyers.
Most market participants feel that sparse demand has sapped the Silico Manganese market. SteelMint assessed that the general expectation of the market is that there is possibility of a further Silico Manganese price reduction.
Exchange rate:USD 1=INR 60.09
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