The biggest for the Silico Manganese market remained output over-capacity, as demand fails to match supply at most times.
The current offers for the Indian Silico Manganese are INR 54,000/MT (Ex-Durgapur) and INR 54,000/MT (Ex-Raipur), moving down sharply from last week.
The Silico Manganese producers are cutting offers aggressively to conclude deals and are weighed down by the deteriorating demand and destocking pressures. Moreover, low Manganese Ore prices are helping Silico Manganese producers to adjust their prices lower. The market is also waiting for MOIL to declare its offer price for March’17. Most market participants believe the MOIL will substantially reduce prices for Manganese Ore, as Manganese Alloy prices and imported Manganese Ore have come down sharply in the month gone by.
Similarly, in the overseas market too demand for Silico Mnganese is very low. “Demand for Silico Manganese is declining on all fronts, both foreign and domestic,” said a producer source from Durgapur. Currently the export offer prices are at USD 820 /MT FOB East-coast India for Silico Manganese grade 60-14 and USD 950 /MT FOB East-coast India for Silico Manganese grade 65-16.
SteelMint assessed that the end-user demand for Indian Silico Manganese is essentially stable at a low level and buyers have less interest in making any big volume purchases.
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