Silico Manganese prices were unchanged amid quiet trade, as expectations of lower price levels weighed on the market.
Buying interest remained lukewarm with most end users staying on sidelines as the financial year-end is around the corner. SteelMint assessed 60-14 grade is currently being offered at around INR 45,000-45,500/MT (ex-Raipur), INR 47,000 (ex-Vizag) and INR 47,000-47,500/MT (ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 44,000/MT (Ex-Champa). Steel mills were being cautious with their procurement as steel sales were weak.
A Kolkata based producer stated, “Unless steel prices move up by a bigger magnitude, I am not expecting a swift recovery for the Silico Manganese export market any time soon.”
Export Offers remain unchanged on Weak Steel Fundamentals
Silico Manganese market remained dull, as monotonous sentiment on steel fundamentals continued to keep prices constant. Current offers for 65-15 grade Silico Manganese assessed at USD 800-810/MT FoB Indian main ports and 60-14 grade assessed at USD 730-740/MT FoB East-Coast India.
“It has been a very quiet few days. We cannot identify a clear direction for prices. Buying appetite has subsided from overseas markets and destocking pressure has increased on the manufacturers of Silico Manganese,” said a producer from Raipur.
SteelMint assessed that as steel fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.
Exchange Rate : USD 1 = INR 62
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