Silico manganese market edged down again after the Diwali holidays, as sellers came into the market but buyers remained mostly absent.
Silico manganese market started on a softer note as buying interested seemed to be dissipated. Trading activity remained scant after the Diwali holidays as buyers were not interested in purchasing. Steel market also remained dull overall.
SteelMint assessed grade 60/14 is being offered at INR 41,000-41,500/MT (Ex-Raipur) and INR 42,000/MT (Ex-Durgapur). Prakash Industries is currently trading grade 60/14 at INR 40,000/MT (Ex-Champa).
With the prices going down again a producer from Raipur said, “We thought prices had already bottomed, but end-users keep appearing to do lower-than-expected deals. There’s really no indication of how prices will move now.”
Silico Manganese Export Market Lumbering in Slow Trade
Despite a clear lack of buying interest, silico manganese prices in the export remained unchanged.
The export market is also reportedly weak, for although quotations have been reduced. Producers lamented and cited lack of enquiries even from supposedly regular buyers. 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.
“A lot of buyers would like to wait, so no demand or inquiries are coming in,” remarked a producer from Kolkata.
Sentiment was still clouded by bearish views on the near-term prospects and market participants expect buying interest to be muted in this week.
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