The soft demand for Indian Silico Manganese has not been able to stem its falling prices. This scenario is also been backed by lower steel margins which is holding buyers from making purchase.
The current offers for the Indian Silico Manganese are INR 57000/MT (Ex-Durgapur) and INR 56000/MT (Ex-Raipur). A decrease of INR 500/MT has been registered this week against the previous.
Manganese ore, one of the major components of Silico Manganese, has also registered fall in its prices and Indian producers are cutting down on offers to conclude sales. Moreover, oversupply of Silico Manganese is also considered as one of the major reasons for depressed prices.
Hence, amid bearish sentiment in the market, Silico Manganese is finding it difficult to hold its prices stable.
This sentiment is also present in the overseas market, forcing the Indian Silico Manganese producers to cut their offers in order to conclude deals. However, the export offers remains unchanged at USD 880 /MT FOB East-coast India for Silico Manganese grade 60-14 and USD 1010 /MT FOB East-coast India for Silico Manganese grade 65-16.
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