Silico manganese market witnessed a fall again as bearish expectation for steel fundamentals dented buying interest.
Silico manganese prices continue to slide on weak finished steel market. 60-14 grade is currently being offered at around INR 48,000/MT (ex-Raipur) and INR 49,000-49,500 /MT (ex-Durgapur). According to sources, Prakash Industries is offering Silico manganese at INR 47,000/MT (ex-Champa). Market sources reported of a monotonous market condition and predicted that there is limited possibility of any uptick in prices till March.
A Raipur based producer stated, “We really don’t know where the market is headed now but confidence is pretty low all around as all our previous ideas of price bottoms have all been exceeded lower.”
Export Market
Indian-origin Silico manganese prices receded again as buyers were still withholding purchases. Export offers for 60-14 grade is standstill at USD 780/MT, FoB East Coast India and 65-16 grade is at USD 880/MT, FoB East Coast India.
“Everything is on the negative, so prices will slide. All across steel prices are coming down and there is no hope of any near-term price rebound”, remarked a Kolkata based producer.
There is little confidence in the market left as there is weak demand and the market is consistently correcting downwards.
Exchange Rate : USD 1 = INR 61.87
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