The price of Silico Manganese in India is unlikely to rise in the near future, as steel fundamentals have yet to show any signs of recovery.
Given limited buying appetite for Silico Manganese in India and the underlying weakness in the steel market, Silico Manganese 60-14 is currently being offered at INR 62,500/MT (Ex-Raipur and Durgapur). Market sentiment in India remained pessimistic, with most seeing little chance of any upswing in prices. Whereas, some agreed that there could a further dip in prices in the near-term, however, nobody expected a plunge, as many felt the market was already close to the bottom.
Meanwhile, Silico Manganese 60-14 is currently being offered at around USD 930 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at around USD 1050 /MT FOB East-coast India. In the export market, Indian Silico Manganese producers maintained FOB prices on account of strong Rupee and unwillingness by sellers to lower prices, in a bid to sustain margins in Rupee terms. However, most Indian producers of Silico Manganese reported of poor overseas demand and seemed gloomy over the current market situation.
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