Silico manganese prices continued to slip further as demand for the material has been on a continuous downtrend.
Owing to persistent weak domestic end-users’ demand and slowdown in volume of deals concluded in the foreign markets, Indian producers of Silico manganese 60/14 have been forced to lower quotations across regional production areas of Raipur & Durgapur. Currently, 60/14 grade is being traded at around INR 52,500/MT (ex-Raipur) and INR 53,000/MT (ex-Durgapur).
A trader confirmed buying activities are very quiet with no new enquiries since the beginning of the week. “We are just watching the market right now and on our part we have no new deals,” remarked the trader and added he would refuse to make new purchases this week because there is every indication the price could fall further from the current level.
Export Market
The export market is also reportedly weak, for although quotations have been reduced to Indian ports, a producer lamented and cited lack of enquiries even from supposedly regular buyers. Export offers for 60-14 grade are USD 830/MT FOB East Coast of India and 65-16 is at USD 940/MT FOB East Coast of India. Prices have gone down drastically as sellers are getting increasingly aggressive to conclude deals.
“The market is facing global economic recession and steel demand is weak worldwide,” stated a producer from Kolkata.
SteelMint assessed that buyers will continue to show disinterest in procuring Silico manganese when the prices are slipping every week.
Exchange Rate: USD 1= INR 63
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