Indian producers of Silico Manganese have been forced to cut their offers to conclude desired sales
Silico Manganese 60-14 is being offered at INR 63,000 /MT (Ex-Raipur and Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at INR 62,500 /MT (Ex-Champa, Chhattisgarh).
SteelMint learned from sources that trading activity was scant as buyers steered clear of any transaction – awaiting clearer market direction.
Overseas demand for Indian origin Silico Manganese is also low, and Indian suppliers aided by the weak Rupee have further reduced their offers to consummate trade.
Indian suppliers of Silico Manganese, aided by the weakened Rupee have reduced their export offers to solicit trade. Silico Manganese 60-14 is being offered at around USD 940 /MT FoB East-coast India, and Silico Manganese 65-16 is being offered at USD 1100 /MT FoB East-coast India. Deals were heard to be concluded from India for Europe and the Middle-East.
SteelMint assessed that producers and traders are under pressure to liquidate stock, and prices in the domestic market could correct further in the coming week. There is a bearish sentiment in the market, and most market participants hold a wait-and-watch notion, which will further pull down prices.
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