The spot price for Silico manganese in India remains unchanged with trading activity scant as buyers steered clear of any transaction – waiting for prices to stabilize.
Given limited buying appetite for Silico manganese in India and the underlying weakness in the steel market, Silico manganese 60-14 is currently being offered at INR 52,500/MT (ex-Raipur). While, few smaller plants are also offering at INR 52,000/MT (ex-Raipur) and around INR 53,000/MT (ex-Durgapur). Market sentiment in India remained unoptimistic, with most seeing less chance of any upswing in prices, as production is at a low level and any rise in demand will be easily offset by increase in production.
Meanwhile, Silico manganese 60-14 is being offered at USD 820/MT FoB East Coast of India, and 65-16 grade at USD 920/MT FoB East Coast of India. In the export market, Indian Silico manganese FoB prices continued on a sharp decline on account of weak Rupee and willingness by sellers to lower prices to attract buyers. However, most Indian producers of Silico manganese reported of poor overseas demand and seemed gloomy over the current market situation.
Exchange Rate : USD 1 = INR 63.24
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