Silico Manganese prices steadied as more than adequate supply and lower offers from traders. Reportedly, market was quiet this week as buying interest has diminished from end-users.
Silico Manganese prices remain unchanged in the domestic market with market participants reporting a lack of trade along with excess of supply for the material. 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. Indian producers reported that supply of Silico Manganese in the market has increased and so prices have moved down.
[su_quote]A producer source from Raipur said, “This week the market was weak with limited buying. Buying appetite has subsided as production of the material has increased.”[/su_quote]
Export Market
In the export market, Silico Manganese prices remain stable as demand improves from European nations, South-East Asian and Middle-East countries. Silico Manganese 60-14 is being offered at USD 950-960/MT FoB East Coast India and 65-16 is being offered at USD 1,070/MT FoB East Coast India. Indian traders reported buying interest has reemerged and boosted trade values.
[su_quote]The mood is better in the export market and we are receiving inquiries from international buyers and currently we are also filled with bookings till July. Demand is edging up bit by bit, slowly going higher,” stated an exporter based in Kolkata.[/su_quote]
On the future outlook, market participants believe that although Silico Manganese prices have been stable, the market is facing downward pressure and there is a possibility of further price-cut.
Exchange Rate: USD 1= INR 60.06
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