On weak demand, Indian Silico manganese 60/14 prices have declined further by INR 500/MT.
Indian Silico manganese prices were assessed at INR 52,500/MT (ex-Durgapur) and INR 52,000/MT (ex-Raipur). Many producers said low prices were necessary in order to be competitive and do business.
The biggest problem for Silico manganese market is weak steel margins, which constrained demand from steel mills who continued to buy hand-to-mouth.
A Silico manganese producer remarked, “If mills asked for more discounts, we will have to stop production.”
Export Market
In the export market, activities remain quiet with mainstream offers at USD 810/MT FoB East Coast of India, and 65-16 grade at USD 910/MT FoB East Coast of India. Overseas demand for Silico manganese is really low and despite the lower offer levels, prices were still not welcomed by buy-side participants as Europe and South-East Asian markets have been closed for Christmas and New Year holidays.
A producer source from Kolkata remarked, “Silico manganese prices are not being much accepted in the export market and trading has really been difficult. But, we are hoping that the market can get better after the New Year holidays.”
SteelMint assessed that if Silico manganese prices keep correcting every week, end-user demand will continue to be capped.
Exchange Rate: USD 1 = INR 63.7
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