Silico manganese had a quiet start this week with Diwali holidays soon to come. Prices are steady with limited trade and inquiries.
The silico manganese market is unlikely to rise or fall this week as the market will remain closed on Diwali holidays. However, sellers are under pressure to destock with sufficient material. Hence, they are negotiating at low prices on credit crunch.
SteelMint assessed grade 60/14 is being offered at INR 41,500-42,000/MT (Ex-Raipur) and INR 42,500/MT (Ex-Durgapur). Prakash Industries is currently trading grade 60/14 at INR 40,000/MT.
A Raipur based producer stated, “Demand interest doesn’t appear to be much at all. Buyers prefer to retreat to the sidelines in hopes of greater stability before making any procurement decisions.”
Silico Manganese Export Offers Slips as Sellers Drop Offers
Silico manganese export market edged down, as buyers remained absent.
With no interest from international buyers, Indian producers have once again lowered their offer levels. SteelMint assessed grade 60-14 is currently being offered at around USD 660/MT FoB East-coast India and 65-16 is being offered at around USD 720/MT FoB East-coast India. Looking at the dull market conditions sources said that market is unlikely to rebound this calendar year.
Bid indications continued to be soft. “Demand is lousy and sentiment is bad. Despite lowering offers there is no buying,” remarked a producer from Kolkata.
SteelMint assessed that prices are under pressure as there is more than adequate supply, lower offers from traders and Diwali holidays.
Exchange Rate: USD 1 = INR 66.4
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