India: Silico Manganese Export Offers at USD 820/MT FOB

Indian export market remained stagnant this week, with most producers keeping prices unchanged on low demand.

Export offers remained unchanged from last week on moderate demand. Silico Manganese 60-14 is being offered at around USD 730/MT FoB India and 65-15 grade at around USD 820/MT FoB India.

SteelMint assessed the total quantity of Silico Manganese exported from India between 1 – 16th May 2015 is 29,913 MT. The highest quantity has been exported to Italy with a total of 5,895 MT. A total quantity of 5,560 MT has been exported to Taiwan and 3,211MT has been exported to Japan. The total quantity exported to Saudi Arabia was 1,541 MT, Iran 1,273 MT and Thailand 1,150 MT. There were many counties to whom less than 100 MT was exported like Egypt, Sri Lanka, Bahrain, Kenya, Nepal, Gabon, Uganda, Jordan, Colombia, Congo (Brazzaville), Djibouti and Bahrain.

Domestic Silico Manganese Market remains weak

Domestic demand for Silico Manganese continues to be lackluster and producer sources highlighted that buying was quite weak in the week gone by. Silico Manganese 60-14 is currently being offered at INR 47,000/MT (Ex-Raipur), and INR 47,500/MT (Ex-Durgapur).

Most market sources reported that the general outlook of the Silico Manganese market is dull as there is a downtrend in overall steel demand and believe there is little or no possibility of any price rise

SAIL Tender

The SAIL tender issued in April for purchase of 37,100 MT Silico Manganese for its different plants to be delivered in four months. The techno-commercial bid revealed that 11 plants had participated in the tender. The result for the tender is likely to be declared this week.

Source: Customs Data

Note: These figures are for shipments made between the period of 1-16th May 2015. Booking for the same would have been at an earlier date.

Exchange Rate : USD 1= INR 63.5