There is limited buying appetite for Silico Manganese in India amid the underlying weakness in the steel market. Silico Manganese 60-14 is being offered at INR 48,000 MT (Ex-Durgapur), with very few deals concluded at this price. In Raipur, prices have increased slightly & Silico Manganese 60-14 is being offered at INR 50,000 /MT. Tighter availability on account of very low production levels in India has lent support to the prices. However, most buyers continue to remain on the sidelines, as there is no pressing need to buy the material when the Steel market is so lifeless.
In the export market, Indian producers have maintained offer levels on account of increased cost of production. Imported Manganese Ore prices are rising again. Silico Manganese 60-14 is being offered at USD 730 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 780 /MT FOB East-coast India. Deals were heard to be concluded from India for the Far East and South-East Asian countries.
SteelMint assessed that at the moment there is Steel production cuts across India on seasonal factors, so buying interest in Silico Manganese will continue to be low until there is a spurt in demand for Finish Steel.
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