Silico Manganese prices remain flat this week, with sources reporting no pick-up in inquires or offers; as market lacks direction.
Silico Manganese market for the week remains sluggish and transactions were at a low level owing to slow demand. In Raipur, Silico Manganese 60-14 is being offered at INR 57,000/MT. According to sources, Prakash Industries is offering it at INR 55,500/MT (ex-Champa, Chhattisgarh). In Durgapur, 60-14 grade is currently being traded in the range of INR 57,500/MT. Domestic demand for Silico manganese remains inactive. Traders were also reluctant to buy despite seemingly low prices for Silico Manganese.
“Nobody wants to buy now and be stuck with it, while the demand keeps declining,” mentioned a producer based in Raipur.
Export Market
Demand for Indian origin Silico Manganese remains weak in the export market and prices remain at the same level. 60-14 grade is currently being offered at USD 930/MT FoB East Coast India and 65-16 is at USD 1030/MT FoB East Coast India. SteelMint learned from sources that trading activity was scant in the week gone by, as international buyers steered clear of any transaction – awaiting clearer market direction.
Market watchers see the domestic spot price hovering around the current range in the near-term.
Exchange Rate: USD 1 = INR 60.63
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