Silico Manganese prices are weighed down by low production levels of Steel in India.
With steel fundamentals failing to show any signs of recovery, Indian Silico Manganese producers are finding it hard to hold on to their offers. The current offers for Indian Silico Manganese grade 60-14 is at around INR 61,000/MT (Ex-Raipur) and INR 62,000/MT (Ex-Durgapur).
Market sentiment in India remained pessimistic, with most agreeing that there could a further dip in prices in the near-term, however, nobody expected a plunge, as imported Manganese Ore prices have risen again.
The weakened dollar against the rupee, has restricted Indian players to further cut their offers to garner greater buying interest. Moreover, higher Ore prices has indeed forced the Indian producers to raise export offers. Silico Manganese 60-14 is currently being offered at around USD 960 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at around USD 1090 /MT FOB East-coast India.
SteelMint assessed that as Steel fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.
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