Prices of Indian silico manganese have seen another drop in the past couple of days as buying interest for the material remained very low on poor steel fundamentals.
Silico manganese market continues to be plagued by lackluster demand, and prices have been on the decline in recent weeks. Silico manganese 60-14 is being offered at INR 45,500/MT (ex-Raipur) and INR 45,000/MT (ex-Durgapur). According to sources, Prakash Industries is offering silico manganese at INR 44,500/MT (ex-Champa, Chhattisgarh). Demand of silico manganese remains low in the domestic market due to weaker demand from semi-finished steel industry. Market sources believe that silico manganese prices could still fall further, as end-users are still absent from the market.
“We thought prices had already bottomed last week, but we have had to reset our prices due to absence of buyers,” remarked a producer from Raipur. Another producer attributed the falling price level to sluggish demand and producers aggressively trying to clear out stocks.
Export Market Remains Plagued by Weak Demand
Silico manganese export offers remained unchanged this week amid a persistent absence of inquiries and deals. Silico manganese 60-14 is currently being offered at around USD 670-680/MT FoB East-coast India and 65-15 USD is being offered at 730-740/MT FoB East-coast India.
A Kolkata based producer stated, “The summer slowdown has continued to September and the export market has been brutally slow over the past few months. This week has been no different .”
An announcement on the anti-dumping duty on Indian origin silico manganese by the European Union is expected sometime this week. However, European traders have not been buying from India since it was first announced, and more Ukranian material has been going into Europe due to the expected anti-dumping duty on Indian-origin silico manganese.
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 65.9
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