Silico manganese prices have taken another dip on the backdrop of weakening sentiment and slack demand from end-users.
Indian Silico manganese producers confirmed prices at INR 50,000/MT (ex-Durgapur) and INR 48,500/MT (ex-Raipur). Market participants said offers were being met with rejections from buyers, who were waiting to see how far prices would fall. This absence of demand was in turn putting pressure on offers.
“I’m not seeing any change in Silico manganese market as there’s nothing going on. Prices may continue to fall as steel prices keep declining”, remarked a producer from Raipur.
Export Market
In the export market, Silico manganese prices were unchanged as international buyers remained on the sidelines eyeing lower global prices. Silico manganese 60-14 is being offered at around USD 790/MT, FoB East Coast of India and 65-16 grade at USD 890/MT, FoB East Coast of India. Despite the offer levels being at a low level, prices were still not welcomed by buy-side participants.
A Kolkata based producer said buyers were reluctant to come into the market as expectations held that lower prices will be seen in the coming month. He added, there’s a slowdown, and not many buyers out there and indications are there for the prices to fall further.
In outlook, SteelMint assessed the market, which was characterized by weak sentiment with the downward pressure on prices, is expected to continue in the short-term.
Exchange Rate : USD 1 = INR 61.5
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