Although steel prices have corrected by almost Rs 1000 per ton in the last few days, yet offers for Silico Manganese have not corrected from previous levels. Silico Manganese 60-14 is currently offered at Rs 54,500–55,000/MT (Ex-Raipur), and Rs 54,000–55,000/MT (Ex-Durgapur). As steel prices are on a down-trend, most buyers of Silico Manganese continued to withhold purchasing interest, preferring to wait and see further and also to ask for more discounts. As a result very few deals could be concluded.
A Silico Manganese producer was of the view that, “Although sentiment is so weak now, I doubt prices can move down by a significant amount.†He further added his forecast was based on the fact that demand for Silico Manganese is less to do with price and more to do with stock available with Steel mills.
Indian exporters also held their offers for exports, Silico Manganese 65/16 is being offered in the range of $1070-1080/MT FoB East-coast and $1120-1150/MT CFR Japan.
Market participants remain on the sidelines awaiting a clearer direction, restricting their purchases.
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