Prices of silico manganese have found support at current level and seem to have bottomed out, although plagued by a lack of buying interest from steel mills.
SteelMint assessed silico manganese grade 60/14 prices at INR 43,500/MT (Ex-Raipur) and INR 43,500-44,000/MT (Ex-Durgapur).
Silico Manganese prices are currently low and any recovery of prices seems fading. Producers continued to grapple with poor steel margins and weak fundamentals, as demand further dented.“It is hard to say where the price will go at the current time. But it is certain that pricing will go further down if the demand continues to fall,” said a producer based from Raipur.
Market sources stated the expectation of more price declines is keeping most buyers out of the market.
Silico Manganese Export Market Flat with Thin Buying
Silico Manganese offer price continues to be unchanged in the export market as buying interest remained extremely subdued for months.
SteelMint assessed grade 60-14 is being offered at around USD 640/MT FOB East-coast India and grade 65-16 is being offered at USD 685/MT FOB East-coast India.
Indian Silico Manganese FOB prices continued to remain low on account of limited buying from international as well as domestic buyers. The lack of overseas end-users coming into the Indian market continued to worry participants.
A producer from Kolkata described buying activity as very sluggish, and remarked “The market is very dull and almost stagnant with no bids to our offers.”
On the future outlook market participants belief that although prices are stable in the export market silico manganese prices is facing downward pressure, looking at the oversupplied market.
Exchange Rate: USD 1=INR 67.2
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