Silico Manganese market was mostly calm in the week gone by as buying interest remained low with limited trade concluded.
The Silico Manganese market is unchanged on poor end-user demand. Most sources said the market is dull as it was a holiday and so buyers are not showing much willingness to buy. Current price for grade 60-14 is around INR 57,500/MT (Ex-Raipur and INR 57,500/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 56,000/MT (Ex-Champa). Producers have accepted lower bids in a sign of weak industry demand.
Earlier, MOIL announced its quarterly revision of Manganese ore prices for the next quarter October-December, 2014. According to market sources the price of all Ferro grades of ore have been reduced by 10% and 5% for Silico garde on the previous quarter price. However, no official confirmation could be received from MOIL on the same.
Export Market
Overseas demand for Silico Manganese is also really low and the decline in price is steeper and faster than expected. Silico Manganese 60-14 is being offered at around USD 920/MT FoB East Coast of India and 65-16 grade is being offered at USD 1,010/MT FoB East Coast of India.
Most traders reported of a lackluster market, with hardly any buying interest in the past 10-15 days. SteelMint assessed that most steel mills were closed during the festival time, resulting in a very quiet market and market direction will be clear after few days.
Exchange Rate: USD 1 =INR 61.33
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