Silico Manganese prices fell marginally on brittle end user demand as there was no change in market direction.
Silico Manganese prices softened in the domestic market on shaky steel fundamentals and sapping end demand.60-14 grade is currently being offered at around INR 46,000- 46,500/MT (ex-Raipur) and INR 47,000/MT (ex-Durgapur). According to sources, Prakash Industries is currently offering the material at INR 45,000/MT (ex-Champa, Chhattisgarh). Prices are unlikely to rise in March as it’s the financial year-end. Market sources assessed that in April prices for Silico Manganese may rise if demand increases.
“The whole demand situation for Silico Manganese is so bad now and it’s really down to the drab performance of the steel market,” stated a producer from Raipur.
Export Market
Indian-origin Silico Manganese demand in the export market remains moderate as prices held firm. Export offer for 60-14 grade is USD 750/MT, FoB East Coast India and 65-15 grade is USD 840/MT, FoB East Coast India. There is limited possibility of an increase in export offers by Indian producers as buying interest has picked up slightly.
Most market participants feel that sparse demand has sapped the Silico Manganese market. SteelMint assessed that the general expectation of the market is that prices will remain at this level in this month.
Indian Silico Manganese exports during FY15 (April’14- Dec’14) stood at around 0.68 MnT against exports of 0.95 MnT in FY14 (April’13- Mar’14).
Exchange Rate : USD 1 = INR 62.87
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