Silico manganese prices slip again as thin buying from steel mills pressured prices to settle lower.
SteelMint assessed its weekly silico manganese grade 60/14 price at INR 44,500/MT, for both Raipur and Durgapur. Prakash Industries is currently offering silico manganese at INR 43,500/MT (Ex-Champa).
Silico manganese prices in the domestic market continued to show more downside on bearish steel market. Sources anticipate a further price correction.
A Raipur based producer remarked, “I think there’s very little interest regardless of the price, and nobody wants to buy. Market sentiment has been low since many weeks.”
The steel outlook in the near-term looks poor and so prices for silico manganese are likely to be endangered.
Indian Producers Drop Prices in the Export Market
Indian silico manganese producers dropped offers in the export market under immense selling pressure on the lack of demand in the domestic as well as overseas market.
Silico manganese 60-14 is being offered at around USD 650/MT FOB East-coast India, and silico manganese 65-16 is being offered at USD 730/MT FOB East-coast India.
Indian producers reported that there is no clarity in the export market but demand appears to very low. There are very few inquires but no confirmed deals. Despite prices being at a low-level, there is no demand. “In the international market, participants appeared to be shying away and demand for Indian silico manganese has been completely muted,” stated a Kolkata based producers.
Exchange Rate: USD 1 = INR 67.1
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