Silico Manganese prices remained static this week on softer market condition and weak end-user demand. Market participants remained bearish on the market outlook and cited a further price fall.
Silico Manganese prices remain unchanged in the domestic market. 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, 60-14 grade is currently being traded at around INR 59,000/MT. Silico Manganese prices were generally in line with expectations and reflective of a sluggish market, marred by weak demand. There is chance of a price decline as Ingot prices have come down by 10% from the month of May to June, as Ingot is generally a good indicator of the Silico Manganese market.
[su_quote]A Raipur based trader stated, “I expect to see a price fall as demand in the domestic market is weak.” [/su_quote]
Export Market
Silico Manganese export market was weak with little buying interest from overseas players. Silico Manganese 60-14 is currently being offered at USD 950-960/MT FoB East Coast India and Silico Manganese 65-16 is being offered at USD 1060/MT FoB East Coast India. In view of the low demand from the export market, some Indian producers have earlier cut their offers to garner greater buying interest.
[su_quote]An Indian producer of Silico Manganese 60-14 confirmed a 1,000 MT deal with a Taiwanese company at USD 950 /MT FOB. A Director from the company further highlighted, “Sellers are getting increasingly aggressive to conclude deals.”[/su_quote]
SteelMint learned from market sources that there is significant demand from countries like Taiwan, Japan & Korea.
Market sources said market outlook was pessimistic because of the downtrend in demand. SteelMint assessed that market to remain sluggish, as transactions were at low level due to slow demand.
Exchange Rate: USD 1= INR 60.28
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